Paramount Skydance Corporation (NASDAQ: PSKY) announced the commencement of cash tender offers and exchange offers for notes issued by Warner Bros. Discovery subsidiaries Discovery Global Holdings, Inc. and Discovery Communications, LLC, according to a company statement.

The tender offers target two series of notes totaling $2.4 billion in aggregate principal amount. The company will purchase 3.755% Senior Notes due 2027 worth $1.2 billion and 3.950% Senior Notes due 2028 worth $1.2 billion for cash at prices determined by reference to U.S. Treasury securities plus specified spreads.

The exchange offers cover 15 series of notes with approximately $13.5 billion in outstanding principal amount. Holders will receive newly issued Paramount notes with the same currency, maturity dates, interest payment dates and interest rates as the original securities. The new notes will be guaranteed by Paramount's domestic subsidiaries and secured on a second lien basis.

Both offers expire at 5:00 p.m. New York time on June 17, 2026. Settlement is expected to occur promptly after expiration and on or shortly following the closing of Paramount's proposed acquisition of Warner Bros. Discovery.

Participation in the offers requires holders to first deliver consents in related consent solicitations seeking amendments to existing note indentures. The amendments would extend certain deadlines and modify terms related to junior lien exchange notes.

The offers are conditional on receiving requisite consents for the proposed amendments and consummation of the Warner Bros. Discovery acquisition, which is expected in the third quarter of 2026.

BofA Securities and Citigroup are serving as dealer managers for the offers. Global Bondholder Services Corporation is acting as exchange agent and information agent.