Paramount, Netflix Spur Wall Street Race to Win Jumbo Loan Deals

In the space of less than a week, the bidding war for Warner Bros. Discovery Inc. has unleashed two multi-billion debt deals that rank among the largest in the past decade.

The latest came from Paramount Skydance Corp. as it lined up as much as $54 billion of financing from Wall Street’s biggest firms to help support its $108 billion hostile bid for Warner Bros., just days after the company agreed to a deal with Netflix Inc.

Loans of this size have been few and far between over the past couple of years amid subdued acquisition activity. But that’s all ...