Mergers & Acquisitions ·
Skydance completes $15.4B acquisition of Warner Bros. Discovery, issuing $12.5B in second lien notes
PSKYSkydance Corp
Skydance Corporation completed its previously announced merger with Warner Bros. Discovery on October 6, 2026, creating a combined global media and entertainment entity. In connection with the transaction, Skydance issued approximately $11.98 billion in U.S. dollar-denominated senior secured second lien notes and €546 million in euro-denominated notes to exchange holders of WBD debt. Concurrently, the company purchased approximately $2.39 billion in aggregate principal amount of existing tender offer notes for $2.38 billion in cash. Skydance also distributed warrants to purchase Class B Common Stock at a ratio of one warrant per share held as of October 5, 2026, with an initial exercise price of $12.00 per share. The company operates in the media and entertainment industry, producing and distributing content across studios, direct-to-consumer streaming platforms, and television networks.