Paramount Skydance Corp. and Bank of America have reduced a $49 billion bridge loan for the Warner Bros. Discovery Inc. takeover, redistributing it to a broader lender coalition. This move, part of one of 2024’s largest mergers, signals shifting risk dynamics among financial institutions backing the deal.

The original loan, co-led by Citigroup, was downsized amid concerns over the transaction’s complexity and evolving market conditions. While the total financing remains substantial, the shrinking role of major banks highlights lenders’ cautious approach to high-stakes entertainment industry deals. Warner Bros. Discovery and Paramount Skydance now face pressure to finalize terms that satisfy both regulators and investors.