JPMorgan Chase & Co.-led banks have boosted a leveraged loan for Warner Bros. Discovery Inc. to $10.2 billion, according to Bloomberg Markets. The media company is moving to refinance short-term debt ahead of its planned acquisition by Paramount Skydance Corp., a transaction that would reshape the streaming landscape.

The size of the refinancing signals the scale of debt Warner Bros. Discovery carries into the deal. By locking in longer-term financing now, the company reduces pressure from near-term maturities that could complicate or delay the acquisition. The loan increase reflects how aggressively the firm is preparing its balance sheet.

For investors and creditors, the financing move matters because it determines how much leverage stays on the books post-merger. A larger loan facility gives the company room to execute the deal without scrambling for cash, but it also raises questions about debt load under the combined entity.