Oracle and Paramount Skydance Debt Increases Expose Larry Ellison Leverage Overlap

Oracle completed $15 billion in senior notes in September 2026 while Paramount Skydance closed a $8 billion term loan and bond package tied to the Skydance merger. Both transactions occurred within a 90-day window. Public filings show Oracle’s net debt-to-EBITDA rising from 1.8x to 2.7x and Paramount Skydance targeting 4.1x post-merger. These moves occurred against a backdrop of stable but slowing cloud revenue growth at Oracle and persistent streaming losses at Paramount.

Ellison’s economic interests align across both entities through direct equity holdings and family office vehicles. The structure creates a shared exposure to rising interest costs and refinancing risk if credit spreads widen. Counterparty lenders gain higher-yielding paper but absorb concentration risk in Ellison-linked credits. Regulatory disclosures do not require aggregation of these exposures across separate corporate borrowers.

Market pricing now reflects a modest premium on Oracle and Paramount Skydance bonds relative to sector peers of similar ratings. If either firm misses revenue or EBITDA targets by more than 8 percent in the next two quarters, the combined debt service burden could pressure distributions or force asset sales. No covenant resets have been announced.