Sell PARA by Sep 27, 2027.

Everyone's talking about which franchises Paramount gets. I've been staring at the financing instead, because that's where this deal will actually be won or lost. On Thursday Paramount launched syndication for a $7.5B incremental Term Loan B, and buried in the same press release: they intend to raise another \~$44.4B of secured debt on top of everything already committed. The headline says "$110B deal" but that hides how it's funded, so let me walk through the stack. Paramount is paying …