On May 22, 2026, a JPMorgan-led group increased Warner Bros. Discovery’s leveraged loan offering to $10.2 billion. The company will use the capital to refinance debt for its $110 billion merger with Paramount Skydance Corporation (PSKY). Lenders upsized the dollar tranche of the deal to $9 billion due to high demand.
European cinema and film organizations formally petitioned EU regulators for an antitrust investigation into the merger. These groups warn the deal threatens cultural diversity and independent film production.
Strong institutional appetite for the debt offering bolstered market confidence despite the regulatory pushback. Paramount Skydance shares rose 2.97% to trade at $10.59.