Skydance Corporation Announces Tender and Exchange Results

Skydance Corporation announced final tender and exchange results on Tuesday, Oct. 6, 2026, following the close of offers tied directly to its acquisition of Warner Bros. Discovery, Inc. The corporate transactions, detailed in a filing covered by PR Newswire M&A, closed earlier on the same day. The company structured the parallel tender and exchange procedures to restructure debt obligations originally issued by Discovery Global Holdings, Inc. and Discovery Communications, LLC. Eligible holders participated under terms outlined in an initial offering memorandum and related purchase documents.

Expiration Terms And Tender Acceptance Rates

The offers reached their expiration window at 5:00 p.m., New York City time, on October 6, 2026. Settlement for both the tender offers and exchange offers is scheduled for October 9, 2026, pending the satisfaction or waiver of standard closing conditions. Global Bondholder Services Corporation acted as the tender agent, exchange agent, and information agent for the transactions.

For the tender offers concerning existing notes such as the 3.755% senior notes due 2027 and the 3.950% senior notes due 2028, approximately 98.83% of the aggregate principal amount was validly tendered. Validly tendered notes accepted for purchase will be cancelled and will no longer remain outstanding obligations of the WBD issuers. Unrendered notes remain obligations of the respective DCL or DGH issuer. Accepted notes qualify for a tender consideration determined by a fixed spread over the reference yield based on bid-side prices of specified U.S. Treasury securities, alongside accrued and unpaid interest up to the settlement date.

Exchange Offers And New Note Issuances

Participation reached approximately 99.15% of the aggregate principal amount for the existing exchange offer notes. Eligible holders participating in the exchange received either $1,000 or €1,000 in aggregate principal amount of newly issued Skydance notes for each corresponding $1,000 or €1,000 principal amount of existing notes tendered. The new debt includes senior secured second lien notes carrying various maturity dates and coupon structures, matching securities such as the 4.125% senior notes due 2029, 3.625% senior notes due 2030, 5.000% senior notes due 2037, 6.350% senior notes due 2040, 4.950% senior notes due 2042, 4.875% senior notes due 2043, 5.200% senior notes due 2047, and 5.300% senior notes due 2049.

Additional exchange series included dollar-denominated issues like the 4.054% senior notes due 2029, 4.279% senior notes due 2032, 5.050% senior notes due 2042, and 5.141% senior notes due 2052, paired with euro-denominated notes such as the 4.302% senior notes due 2030 and 4.693% senior notes due 2033. Similar debt management maneuvers appear across sectors, echoing how Sabre Corporation announces results of cash tender offers by Sabre GLBL Inc. to manage near-term maturities. Interest on the new Skydance notes will accrue from the most recent interest payment date of the corresponding tendered notes, with initial post-settlement payouts covering both accrued legacy interest and new note interest.

Regulatory Exemptions And Corporate Structure

The exchange offers relied on exemptions from the registration requirements of the U.S. Securities Act of 1933 and state securities laws. Participation was restricted to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S. Skydance operates as a global media and entertainment company structured across Studios, Direct-to-Consumer, and TV Media segments, managing brands including Paramount, Warner Bros., HBO, Pluto TV, CBS, CNN, TNT Sports, Nickelodeon, Cartoon Network, MTV, Food Network, BET, HGTV, and Comedy Central. As allocators monitor these large-scale integrations, operators also track broader shifts in consumer spending, similar to trends outlined when Shoppers Pay More, Visit Less: Who Still Has Pricing Power across retail and entertainment markets.