Paramount Skydance Corporation plans to offer approximately $44.4 billion of senior secured notes to help finance its previously announced acquisition of Warner Bros. Discovery, Inc. and refinance portions of its existing debt. The financing would combine proceeds from the notes with cash on hand, previously announced term loans and net proceeds from an earlier equity issuance. The notes would include U.S. dollar-denominated first lien securities and U.S. dollar- and euro-denominated second lien securities, offered privately to qualified institutional buyers in the United States and eligible non-U.S. investors overseas. Final principal amounts, interest rates, currencies and maturities remain subject to market and other conditions. Paramount Skydance said completion of the notes offering is not a condition to closing the acquisition. PSKY shares fell about 1% in Monday’s premarket trading. The company also extended its exchange and cash acquisition offers for legacy Discovery notes to 6:00 p.m. Brasília time on Oct. 6, 2026, the 14th extension since June. About 67% of notes covered by the cash offer and 75% of notes covered by the exchange offer had been tendered as of last Thursday. A settlement with multiple state Attorneys General last week removed a major regulatory obstacle. The agreement includes a five-year judicially enforceable commitment to increase film production, at least $1.5 billion in additional domestic film investment, a $47.5 million worker relief fund and limits on cable distribution negotiations. Analysts maintain a Hold rating on PSKY, with a consensus price target of $10.36, representing roughly 4% upside from current levels.