Warner Bros. Discovery has secured agreement from bondholders to change the terms of some of its existing debt, clearing another hurdle in the company’s proposed $110 billion sale to Paramount Skydance Corp.

The media giant said Wednesday that holders of many of the notes involved overwhelmingly approved the amendments through a consent solicitation process announced on May 19. The changes will allow Paramount to exchange or repurchase Warner Bros. Discovery debt as part of the planned acquisition.

“In many of the notes involved, holders of more than 90% of each security consented to the term changes,” Warner Bros. said.

The consent process concluded ahead of the June 17 deadline for bondholders to either sell or swap their notes. The debt exchange is intended to reduce borrowing costs that could arise from the takeover.

The proposed exchange, however, sparked disagreements among bondholders. While some holders of shorter-dated bonds were offered higher coupon payments, several holders of longer-dated notes were not given similar increases.

The new junior notes offered in the exchange would reportedly be secured by substantially all assets of the combined Warner Bros. and Paramount entity.

Law firm Milbank had attempted to organise bondholders to negotiate improved terms, but efforts were complicated by the tight timeline attached to the consent process.

Bondholders who decline to participate in the exchange risk being left with claims tied to a shell company after the acquisition closes, according to earlier Bloomberg reporting.