Paramount M&A Loan Cut to $49 Billion as Lending Group Swells

Bank of America Corp. and Citigroup Inc. have sold down a multi-billion dollar bridge loan backing Paramount Skydance Corp.’s takeover of Warner Bros. Discovery Inc. to a wider group of banks, a key step in one of the biggest M&A financings of the year.

Eighteen lenders have bought a piece of the $49 billion debt, according to a filing Thursday. The financing, provided by BofA, Citigroup and Apollo Global Management Inc., was originally sized at $54 billion. A separate $3.5 billion one-year credit facility has been dropped, the filing shows.

Deutsche Bank AG and Wells Fargo & Co. ...