Paramount Skydance Corp. completed a $52 billion debt sale to help finance its acquisition of Warner Bros. Discovery Inc., the largest single-day debt transaction ever by a public company. The financing includes $30 billion of investment-grade bonds, $12.4 billion equivalent of junk bonds and $9.46 billion of loans. Paramount needed the package as it faced a Sept. 30 deadline to close the acquisition without penalty, despite unusually costly corporate-bond market conditions. The deal is also drawing scrutiny because billionaire Larry Ellison and his family guaranteed a significant portion of the transaction's roughly $47 billion equity financing and pledged to help reduce leverage. Investors increasingly view Paramount and Oracle Corp. as linked credits because Oracle's debt-funded artificial-intelligence expansion and falling share price could weaken the value of Ellison's financial backstop. Oracle's long-term debt has nearly doubled to more than $160 billion in two years, while its shares have fallen more than 50% over the past year. S&P Global Ratings cut Oracle to BBB- in July and Paramount to BB last month.