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27 Feb 2026

Cahill Advises Lead Arrangers on Financing for $111 Billion Paramount Skydance Acquisition of Warner Bros. Discovery

"Cahill advised the lead arrangers and debt financing sources on financing commitments supporting Paramount Skydance’s successful $111 billion acquisition of Warner Bros. Discovery. The deal values WBD at $31.00 per share and includes $54 billion of bridge commitments and a $3.5 billion committed revolving credit facility."

Cahill represented the lead arrangers and debt financing sources in connection with the financing commitments supporting Paramount Skydance’s successful bid to acquire Warner Bros. Discovery. Under the terms of the merger agreement, Paramount Skydance Corporation will acquire all outstanding shares of Warner Bros. Discovery, Inc. for $31.00 per share, a transaction that implies an enterprise value of approximately $111 billion. The financing package supporting the acquisition comprises $54 billion of bridge commitments and a committed $3.5 billion revolving credit facility. The financing arrangements were structured to address the transaction’s significant scale and structural complexities, with bespoke and highly negotiated terms developed for the financing sources. Cahill represented the lead arrangers and debt financing sources with a team composed by: James J. Clark (partner, debt finance), Josiah M. Slotnick (partner, debt finance), Ted B. Lacey (partner, debt finance), Tristan E. Manley (partner, debt finance), Xin Zhou (Richard) Pan (associate, debt finance), Jenni E. Barra (associate, debt finance), Luke Twardowski (associate, debt finance), Olivia W. Baruch (associate, debt finance), Kevin Teng (associate, debt finance). In 2025, Cahill advised leading investment banks on M&A-related leveraged loans totaling approximately $26.9 billion, achieving a 17.3% market share, and demonstrated scale in institutional loans (Lead Bank), advising on approximately $177.7 billion of transactions and achieving a 20.86% market share (Debtwire as of 1/26/2025).
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