Fitch Downgrades Paramount Skydance and Warner Bros. Discovery Ratings Following Acquisition

Fitch Ratings has downgraded the Long-Term Issuer Default Ratings of Paramount Skydance Corporation and Paramount Global to 'BB' from 'BB+', following the company's acquisition of Warner Bros. Discovery. This downgrade reflects increased leverage due to approximately $57 billion in acquisition-related debt, along with execution and integration risks. The combined company faces structural pressures on linear revenues, streaming competition, and content risk.