Warner Bros. Creditors Pitched on Seeking Better Debt Terms (1)

Law firm Milbankis urging Warner Bros. Discovery Inc. bondholders to join an alliance aimed at improving terms of a debt exchange designed to clear the way for the company’s $110 billion takeover by Paramount Skydance Corp.

Milbank held a call with bondholders on Wednesday, rallying them to sign a so-called cooperation pact to jointly negotiate better terms ahead of the exchange’s May 26 deadline, according to people familiar with the matter.

The exchange is designed to keep a lid on debt-related costs that would follow in a takeover like Paramount’s. Under the proposal, Warner Bros. is ...