Warner Bros. Bonds Extend Gains on Planned Paramount Bid

Warner Bros. Discovery Inc. junk bonds rose for the second day on Friday following reports that Paramount Skydance Corp. is preparing a bid for the company.

The company’s 5.05% notes due in 2042, issued by Warnermedia Holdings Inc., climbed about 1.8 cents on the dollar to 82.3 cents, a day after rising roughly 12 cents, according to Trace. Its 6.35% bond due in 2040 rose over 5 cents to 94 cents.