Even if Paramount Skydance Corp. manages to take over Warner Bros. Discovery Inc. against the company’s will, it faces another high hurdle: coping with the colossal $54 billion of debt it’s planning to take on.Paramount has a temporary financing package in place for the combined company, but it hasn’t locked in a maximum rate on more permanent borrowings for the transaction. The result could be the M&A world’s version of a big-budget Hollywood fiasco, with Paramount’s expenses spiraling beyond what it plann ...

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