Paramount Skydance Extends Debt Exchange Offers Amid WBD Acquisition

The company confirmed that the new deadline is set for 5:00 p.m. New York City time on August 7, unless further adjustments become necessary. This move follows a series of previous extensions throughout June and July, signaling the complex financial maneuvering required to integrate the debt structures of the two entities. As of July 23, approximately 66.17% of the existing tender offer notes and 76.38% of the exchange offer notes had been validly tendered, though management views these figures as interim given the ongoing nature of the process.

Paramount Skydance maintains that the ultimate settlement of these offers will occur promptly after the final expiration date, with target completion slated for the third quarter of 2026. The exchange offers remain restricted to qualified institutional buyers and non-U.S. persons, managed through Global Bondholder Services Corporation. While the company continues to solicit participation, it explicitly notes that neither Paramount nor Warner Bros. Discovery is offering formal recommendations to holders regarding whether to tender their notes. The financial terms and specific CUSIP identifiers for the affected notes, ranging from 2027 to 2052 maturities, remain unchanged as the company works to finalize the acquisition-related debt realignment.