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Fitch Downgrades Paramount Amid $110B Warner Bros. Merger

3/3/2026

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Summary

Story summary

Fitch Ratings downgraded Paramount Skydance Corp.'s ratings to BB-plus from BBB-minus and placed it on negative watch after its agreement to acquire Warner Bros. Discovery Inc., citing competitive pressures and concerns over free cash flow.
The merger is valued at about $110 billion.
The combined entity would carry about $79 billion in net debt.

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Story summary

Fitch Ratings downgraded Paramount Skydance Corp.'s ratings to BB-plus from BBB-minus and placed it on negative watch after its agreement to acquire Warner Bros. Discovery Inc., citing competitive pressures and concerns over free cash flow.
The merger is valued at about $110 billion.
The combined entity would carry about $79 billion in net debt.