Investment banks are preparing to arrange a $49 billion debt sale in connection with Paramount's proposed acquisition of Warner Bros, according to industry sources.

The massive debt offering would be among the largest corporate bond sales in recent years, reflecting the scale of the media industry consolidation deal. Banking institutions are working to structure the financing package that would support the transaction.

The debt sale represents a significant financing component of what would be one of the largest media mergers in recent history. Both Paramount and Warner Bros are major entertainment companies with extensive film studios, television networks, and streaming services.

The proposed transaction would combine two of Hollywood's most established studios, creating a media conglomerate with vast content libraries and distribution capabilities across multiple platforms. The deal structure and timing remain subject to regulatory approvals and market conditions.

The substantial debt requirement underscores the premium valuations in the current media landscape, where companies are seeking scale to compete with streaming giants and technology platforms entering the entertainment sector.