Paramount Skydance has extended the expiration deadline for its tender and exchange offers involving debt issued by Warner Bros. Discovery subsidiaries to September 11, 2026, as it continues to prepare the financing structure for its proposed acquisition of WBD.
The offers cover notes issued by Discovery Communications and Discovery Global Holdings, formerly WarnerMedia Holdings. Paramount is offering cash for certain series and newly issued Paramount notes in exchange for others.
The latest deadline is 5 p.m. New York City time on September 11 unless Paramount extends it again.
Settlement is currently anticipated during the third quarter of 2026, but Paramount has indicated it intends to keep aligning the debt offer timetable with the closing of its Warner Bros. Discovery acquisition.
This is the latest in a series of deadline extensions stretching back to June.
As of August 28, approximately 66.28% of the principal amount covered by the existing tender offers and 75.48% of the principal amount covered by the exchange offers had been validly tendered. Paramount cautioned that those percentages should not necessarily be viewed as final because the offers remain open.
The attached offer schedule covers roughly $14.5 billion of dollar-denominated senior notes across maturities extending from 2027 through 2052, along with two euro-denominated series totaling approximately €551 million.
The largest individual series listed is approximately $4.1 billion of 5.05% senior notes due 2042 issued by Discovery Global Holdings.
The exchange program is intended to move participating WBD subsidiary debt into newly issued Paramount securities as the companies approach completion of the acquisition.
Support: BofA Securities and Citigroup are serving as dealer managers, while Global Bondholder Services is acting as the exchange and information agent.
