Skydance enters new credit agreements to finance WBD acquisition; president Shell departs
Skydance (PSKY) signed a secured credit agreement on April 7, 2026 with banks to fund its pending acquisition of WBD, with the term loans and revolver drawn only at deal closing. The same day it expanded an existing revolver to $5.00 billion, and it cut the bridge financing commitments for the deal from $54.00 billion to $49.00 billion. President and board member Jeffrey Shell left the company effective April 8, 2026, with severance-type payments, and the filing states that the WBD closing remains subject to conditions and regulatory clearances.
Key points
- Pro Rata Credit Agreement dated April 7, 2026: $2.50 billion three-year Term A-1 loans, $2.50 billion five-year Term A-2 loans and a $5.00 billion five-year revolving facility, available once the WBD acquisition closes.
- Bridge commitments for the WBD financing reduced from $54.00 billion to $49.00 billion; $3.50 billion 365-day revolving commitments reduced to $0.00.
- Amendment No. 7 raised the existing revolver by $1.50 billion to $5.00 billion, reducing to $4.94 billion in January 2027 with maturity in January 2028.
- Jeffrey Shell separated effective April 8, 2026, receiving 12 months of base salary plus target bonus, accelerated RSU vesting and up to 12 months of company-subsidized health and dental coverage.
The filing
Written by AI on Nov 8, 2026, 1:17 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 09, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.