Paramount Finalizes Debt Financing for Upcoming WBD Partnership

Bassyonni

Published: April 10, 2026 12:35 AM ET

Paramount Finalizes Debt Financing for Upcoming WBD Partnership

Paramount has successfully secured debt financing to advance its merger with Warner Bros. Discovery (WBD). The company has completed the syndication of a bridge facility and entered into permanent financing agreements with 18 lenders.

Key Financing Details

The new financing includes:

A two-tranche senior secured term loan facility
A senior secured revolving credit facility

Paramount reported a reduction in the aggregate commitments under the bridge facility from $54 billion to $49 billion. Additionally, the previously disclosed $3.5 billion revolving facility has seen its commitments reduced to zero.

Benefits of Syndicating Debt

Syndicating the bridge commitments among a broader group of banks lowers the risk for the three main lenders: Citibank, Bank of America, and Apollo. Furthermore, Paramount has amended its existing senior unsecured revolving credit facility, raising its committed liquidity from $3.5 billion to $5 billion in preparation for the merger.

Equity Investments and Merger Timeline

Earlier this week, Paramount secured $24 billion in equity investments from Middle Eastern investors, including $10 billion from Saudi Arabia’s sovereign wealth fund. The company anticipates closing the merger by the third quarter of this year.

Leadership and Strategic Goals

Under the leadership of David Ellison, Paramount aims to leverage this strategic partnership. The Ellison family is actively involved, with billionaire Oracle co-founder Larry Ellison backing the equity portion of the deal.

Andy Gordon, Paramount’s Chief Strategy Officer and COO, expressed confidence in this financing move: “Our successful debt syndication and new debt facilities represent another important milestone towards the completion of our acquisition of Warner Bros. Discovery.”

Next Steps Before Closing

Paramount plans to pay WBD shareholders $31 per share in cash as part of the merger agreement, pending regulatory approvals. A shareholder vote is scheduled for April 23 to facilitate this crucial step.