Paramount Skydance Prices $15 Billion Acquisition Loans at 2.5% Margin; DOJ Shows Tentative Support
PSKY•Paramount Skydance priced $15 billion of acquisition loans at 2.5 percentage-point margins—$13 billion in U.S. loans and €1.72 billion—at 99.75 cents after upsizing from $10 billion to refinance its bridge facility ahead of its $110 billion Warner Bros. Discovery takeover. Ellison secured tentative DOJ approval on competition grounds, though Warren and AG Bonta flag content diversity risks.
1. Loan Pricing and Structure
Paramount Skydance set final terms on $15 billion of acquisition financing, comprising $13 billion of investment-grade U.S. loans and €1.72 billion at 99.75 cents with a 2.5-percentage-point margin. The facility was upsized from about $10 billion to refinance a $15 billion bridge loan ahead of its $110 billion Warner Bros. Discovery acquisition, with a JPMorgan Chase-led group arranging the syndication.
2. Antitrust Progress and Concerns
CEO David Ellison met with DOJ antitrust staff to argue the merger won’t harm competition or creative talent, and staff appeared receptive to those points. However, Senator Elizabeth Warren and California Attorney General Rob Bonta continue to express concerns over content diversity and market concentration, leaving final approval discussions ongoing.
