Did you miss anything on Skydance and Warner Bros. Discovery?

This deal moved on three fronts at once: financing, courts and trading. Miss one and the story doesn’t add up. Our timeline puts Octus analysis, news and litigation coverage in one sequence. Check what you caught. Fill in what you didn’t:

• Financial & Capital Structure Analysis: fully spread pro forma financials and forecasts, built the detailed free cash flow bridge, built out the 93-tranche pro forma capital structure and modeled the expected interest cost, and published an interactive merger warrant valuation model.
• Reporting: scooped the early premarketing talks, stayed on top of the syndication process and sourced comprehensive secondary market color.
• Covenant Analysis: dug deep into the WBD pre-deal exchange, evaluated covenant packages across the term loan credit agreements and both first- and second-lien indentures, benchmarking asset transfer leakage, debt incurrence flexibility, and cross-guarantee frameworks across operating silos.
• Litigation Coverage: tracked regular-way regulatory approvals and covered the state-led Clayton Act antitrust challenges and Writers Guild litigation through preliminary injunctions, settlement terms, and final consent decree execution.