The $52 billion debt sale for the Paramount-Warner Bros. Merger is done — and the market’s already sweating. Wall Street banks, led by Apollo Global, Bank of America, and Citigroup, closed the financing in just seven days: $30 billion in investment-grade bonds, $12.4 billion in junk debt, and $9.46 billion in loans. The move clears a major hurdle for the $110 billion deal, now set to officially close on October 6. But the moment the combined company’s bonds hit the open market Thursday, investors took more than $100 million in paper losses. That’s not just a blip, it’s a red flag. The sell-off triggered angry complaints from money managers, even as Skydance CFO Dennis Cinelli brushed it off as ‘one-day choppiness.’ Citigroup’s Leon Kalvaria called it a ‘transformative transaction,’ but the numbers don’t lie. The new entity, named Skydance, will carry roughly $80 billion in debt and begin trading on the NYSE under the ticker SKYD on Friday. Warrants for future shares will be distributed on October 13. Leadership changes are already underway. David Ellison has tapped HBO’s Casey Bloys to run both Paramount+ and HBO Max, replacing Cindy Holland, who stepped down Tuesday. Ynon Kreiz, CEO of Mattel, is joining as co-CEO. The real test? Whether this new beast can survive its own financial weight.