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Inside ParaBros’ $49B Debt Blockbuster

The $111 billion Paramount Skydance–Warner Bros. merger deal is cruising toward the finish line, and it looks like nothing will stop it. Even if the California A.G. is trying.

Larry Ellison, David Ellison
The Ellisons seem to be working hard to appease the credit-rating agencies’ concerns about the nearly $80 billion of the combined companies’ debt. Photo: Eric Charbonneau/Getty Images for The Hollywood Reporter
William D. Cohan
May 27, 2026

Whatever reservations Hollywood may have about the Paramount Skydance–Warner Bros. Discovery merger, the $111 billion deal is cruising toward the finish line… and Wall Street is revving up to supply the financing. A grand total of 18 banks are gearing up to raise some $49 billion in debt from across three markets: investment-grade bonds, high-yield bonds, and institutional first-lien loans. The underwriters have not yet formally marketed the debt—that process will start probably in June—but the incoming, unsolicited interest has been high, or so the banks want everyone to believe.