Warner Bros. Discovery has obtained bondholder approval to modify its debt terms, clearing another hurdle in its mammoth acquisition by Paramount Skydance Corporation. The deal carries an enterprise value of roughly $110B, making it one of the most consequential transactions the entertainment industry has ever seen.
What the consent solicitation actually does
WBD kicked off consent solicitations on May 19, 2026, targeting holders across multiple series of its senior notes. The goal: amend indenture terms to accommodate the structural demands of the Paramount deal.
The core amendment extends the deadline for required exchange transactions related to junior lien notes. Previously set for December 30, 2026, the new deadline shifts to March 4, 2027, under certain conditions. That extra runway gives both companies breathing room as they navigate regulatory approvals and integration planning.
Paramount Skydance is footing the bill for the consent payments, which come to $2.50 for every $1,000 in principal for eligible participating holders. Those payments apply regardless of whether the acquisition ultimately closes.
