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02 Mar 2026

Latham & Watkins Advises Paramount on Debt Financing for Acquisition of Warner Bros. Discovery

"Latham & Watkins advised Paramount Skydance Corporation on the debt financing for its acquisition of Warner Bros. Discovery, a deal described by WBD as the largest leveraged buyout in history. The financing draws on Latham's expertise in leveraged loans, investment grade and high yield bonds, and complex acquisition financings."

Latham & Watkins represented Paramount Skydance Corporation in securing the debt financing for its acquisition of Warner Bros. Discovery, Inc. The transaction involves Paramount’s acquisition of Warner Bros. Discovery and has been described by Warner Bros. Discovery as the largest leveraged buyout in history. The debt financing forms a central element of the overall deal structure and is intended to support one of the most significant transactions in the global media sector. The financing underscores Latham & Watkins’ market-leading capabilities in leveraged finance and capital markets, bringing together deep experience across leveraged loans, investment grade and high yield bonds, and complex acquisition financings to support the transaction. Latham & Watkins represented Paramount Skydance Corporation with a team composed by: partners Joshua A. Tinkelman, Jason M. Licht, and Benjamin J. Cohen; and associates Chen Tang, Sara Johnson, and Jack Anderson. The team is drawn from Latham & Watkins’ finance practice.
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