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Bond Market News
Paramount To Buy WBD for $110bn
March 2, 2026
Paramount Skydance has agreed to acquire Warner Bros. Discovery (WBD) in a $110bn transaction (~$81bn equity value). The development comes after Netflix declined to match Paramount’s revised $31/share offer. The deal is targeted to close in 3Q2026, subject to shareholder and regulatory approvals. The merger will combine major media assets, creating one of Hollywood’s largest studios with a film library exceeding 15,000 titles and franchises. Paramount will fund the acquisition through $47bn of equity from the Ellison family and RedBird Capital, roughly $54bn via debt financing, and a potential $3.25bn via a rights offering. The companies expect over $6bn in cost synergies. Regulators, particularly in California, are preparing a close antitrust review amid concerns about reduced competition, job losses and higher consumer prices. Paramount also paid WBD’s $2.8bn breakup fee owed to Netflix, which analysts say ultimately increased Paramount’s debt burden.
Paramount’s bonds traded weaker with its 5.9% 2040s down by 2 points to 82.2, yielding 7.98%. In contrast, WBD’s 4.279% 2032s was up by1.4 points at 92.1, yielding 5.85%
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