Paramount Skydance Corp. completed a record $52 billion debt offering to finance its acquisition of Warner Bros. Discovery. It was the largest single-day bond sale ever by a public company. The offering included investment-grade bonds, junk bonds and loans.
Investor orders reportedly reached nearly three times the amount offered. But high interest rates made the financing costly for Paramount. Rates on the debt reached as high as 9.1%, adding to the interest burden on the combined company.
The financing paves the way for the creation of a massive media and entertainment company.