Paramount Skydance files pro forma for $77.8B WBD buy; $31/share cash, $46.7B equity financing

Paramount Skydance Corp

Total cash consideration for WBD shareholders: $77.8B ($31.00/share) plus ticking consideration up to $0.25/90 days.
Equity financing of $46.7B from Ellison trust and $250M from RedBird, syndicated to PIF, QIA, LionTree, and others.
Debt financing includes $5B Pro Rata Credit Agreement ($2.5B Term A-1, $2.5B Term A-2, $5B revolver) and $49B bridge facility, to be replaced by up to $51.9B New Permanent Financing.
Pro forma financials assume acquisition closes before Sept 30, 2026; no ticking consideration included.
Warrants issued to existing Paramount Class B holders: one 10-year warrant per share, exercise price at Syndication Purchase Price (floor $12, ceiling $16.02).

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