Paramount Skydance Corporation (NYSE: PSKY) has again extended the deadlines for its tender and exchange offers tied to the company's proposed acquisition of Warner Bros. Discovery, moving the expiration date to August 14, 2026.

PSKY shares rose 1.92% to $7.96 during regular trading before retreating 1.51% to $7.84 in after-hours activity.

Revised Deadline Schedule

The tender and exchange offers will now expire at 5:00 p.m. New York City time on August 14, 2026, unless Paramount announces a further extension. The company noted it may continue adjusting the deadlines if the acquisition schedule requires additional time.

This marks the latest in a series of extensions dating back to June 2026. Previous deadline extensions occurred on June 12, June 26, July 13, July 17, and July 24. The repeated adjustments underscore the complexity of synchronizing a multibillion-dollar debt refinancing across multiple issuer entities, currencies, and maturities with an acquisition closing date that remains in motion.

Paramount currently targets settlement during the third quarter of 2026 for the existing securities, though it plans to align final settlement with the completion of the Warner Bros. Discovery purchase. Noteholders retain the right to withdraw tendered securities at any time before the expiration deadline.

Participation Levels

As of July 30, Paramount reported substantial participation across both offer categories under the revised schedule. Approximately 66.05% of eligible tender notes had entered the cash purchase process, while holders submitted 76.26% of eligible exchange notes for newly issued Paramount securities.

The company cautioned that current participation figures do not represent likely final results. Paramount anticipates further extensions before the acquisition closes, meaning additional noteholders may still join, withdraw, or adjust their positions.

Scope of the Offers

The offers cover debt issued by Discovery Global Holdings and Discovery Communications, entities that became part of Warner Bros. Discovery following its 2022 formation through the combination of WarnerMedia and Discovery, Inc. Eligible securities include senior notes with maturities ranging from 2027 through 2052, carrying interest rates between 3.625% and 6.350% across the covered series.

Several large note series form a central part of the exchange and refinancing plan, including $4.10 billion of 5.050% notes due in 2042 and $2.69 billion due in 2032. Paramount also included euro-denominated notes, broadening the offer across multiple currencies, maturities, and issuer entities.

Financing Strategy

Paramount structured the cash tender and exchange offers to support its planned Warner Bros. Discovery acquisition, a deal that would bring together two of Hollywood's largest film and television studios along with the Paramount+ and Max streaming platforms. The cash tender offers apply to selected notes issued by the two WBD entities, while the exchange offers replace other WBD notes with newly issued Paramount obligations.

This approach is designed to streamline debt management and reduce administrative complexity following the acquisition's completion. The transaction requires coordinated financing, debt replacement, and settlement timing, which is why the company continues adjusting offer deadlines around the expected closing date.