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Bond Market News
Warner Bros. Receives Bondholders’ Backing on Debt Overhaul
May 28, 2026
Warner Bros. Discovery Inc. (WBD) successfully secured consent from a majority of its bondholders to modify the terms of its existing debt. Holders of more than 90% of each security approved the changes by the May 26 deadline. This development clears a major regulatory hurdle, bringing the company closer to completing its $110bn sale to Paramount Skydance Corp. The consent solicitation, announced alongside an exchange offer on May 19, allows Paramount to exchange or repurchase WBD’s debt as part of the acquisition. The restructured terms aim to cap interest costs following the takeover.
Under the new arrangement, bondholders who exchange their notes will receive junior debt secured by nearly all assets of the combined WBD-Paramount entity. While holders of shorter-dated bonds were offered higher coupons, several longer-dated noteholders received no increase, which created a point of contention. Noteholders faced pressure to comply, as those refusing the swap risked being left with debt claims against a legacy shell company.
Paramount’s bonds traded stable with its 5.9% 2040s at 76.1, yielding 8.9%. WBD’s 4.279% 2032s were also stable at 90.3, yielding 6.3%.
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