Corporate Debt

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A domed building with a lit marquee reading Warner Bros. Studio Tour Hollywood at the studio lot in Burbank, with the Warner Bros. water tower behind it under a clear blue sky.
Markets

Paramount Sold $41.4 Billion of Bonds to Buy Warner Bros. They Fell the Next Day.

Paramount Skydance priced $41.4 billion of secured notes on Wednesday to pay for Warner Bros. Discovery. On Thursday some of the new bonds traded at about 96 cents on the dollar, its existing bonds fell sharply and the cost of insuring its debt reached a 17-year high, Bloomberg reported. The deal is due to close on Tuesday, and the combined company will be called Skydance.