Paramount Skydance Corp.'s bond offering to help finance its acquisition of Warner Bros. Discovery attracted more than $109 billion in subscription orders, or 3.6 times the planned issuance, when bookbuilding closed. The financing package includes approximately $44.4 billion of senior secured notes, comprising dollar-denominated first-lien notes and dollar- and euro-denominated second-lien notes. Proceeds, cash on hand, term-loan borrowings and a previously announced equity raise are intended to fund the purchase price and repay certain existing debt. Paramount Skydance shares fell 3% to $9.97 and were down 25% year to date, while Warner Bros. Discovery shares declined 0.1% to $30.86 but remained up 7% for the year. Settlements with state attorneys general and the Writers Guild cleared legal obstacles that had delayed the financing. Final pricing, the notes' market performance and completion of the acquisition remain separate matters and will help determine the borrowing cost and market view of Paramount Skydance's post-deal balance sheet.