Paramount’s Monster Debt Deal Offers Few Safeguards to Investors

Bond investors backing David Ellison’s audacious $110 billion takeover of Warner Bros. Discovery Inc. are making a bold bet of their own — lending tens of billions of dollars while...

By Eleanor Duncan, Reshmi Basu and Katherine Schwartz · Bloomberg Markets

Bond investors backing David Ellison’s audacious $110 billion takeover of Warner Bros. Discovery Inc. are making a bold bet of their own — lending tens of billions of dollars while forgoing many of the legal safeguards typical in debt-laden buyouts.