---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-063952"
form_type: "8-K"
ticker: "PSKY"
cik: "0002041610"
company_name: "Paramount Skydance Corp"
filed_at: "2026-05-19T21:23:45+00:00"
generated_at: "2026-05-19T21:28:13.407933+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Paramount Skydance launches $2.4B cash tender & $12.8B exchange offers for WBD notes

## Summary
- Commenced Tender Offers for up to $2.4B of WBD notes for cash and Exchange Offers for up to $12.8B of WBD notes for new PSKY notes.
- Offers conditioned on closing of Paramount's acquisition of WBD and receipt of consents for indenture amendments.
- Plans to issue $39.5B first-lien and $12.4B second-lien secured debt to replace bridge commitments; targets net debt/EBITDA below 3.75x by FY2028 and 3.0x by FY2029.
- Expects ~30% of over $6B synergies within first year post-close, ~70% by second year, full run-rate by third year.
- Provided unaudited pro forma condensed combined financial statements reflecting the acquisition and related transactions.

## SEC filing metadata
- accession: 0001104659-26-063952
- form_type: 8-K
- ticker: PSKY
- cik: 0002041610
- company_name: Paramount Skydance Corp
- filed_at: 2026-05-19T21:23:45+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2041610/000110465926063952/0001104659-26-063952-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2041610/000110465926063952/tm2610616d3_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-063952
- JSON: https://secwatch.observer/filing/0001104659-26-063952.json
- Plain text: https://secwatch.observer/filing/0001104659-26-063952.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.