Bankers Ready Paramount’s $49 Billion Debt Sale for Warner Bros.

Bankers are preparing to sell $49 billion of debt to back Paramount Skydance Corp.’s takeover of Warner Bros. Discovery Inc., in one of the most highly-anticipated financing deals of the year.

A premarketing process is expected to launch as soon as the next couple of weeks, according to people familiar with the deal, tapping into a window of activity where the credit markets are not only open but offering attractive funding terms despite the backdrop of macro volatility. The people asked not to be identified because the arrangements are private.

The company is seeking to use loans and bonds ...