In the space of less than a week, the bidding war for Warner Bros. Discovery Inc. has unleashed two multi-billion debt deals that rank among the largest in the past decade.

The latest came from Paramount Skydance Corp. as it lined up as much as $54 billion of financing from Wall Street’s biggest firms to help support its $108 billion hostile bid for Warner Bros., just days after the company agreed to a deal with Netflix Inc.

Loans of this size have been few and far between over the past couple of years amid subdued acquisition activity. But that’s all changed recently amid a frenzy to fund data-center build outs in the race for artificial intelligence expansion, as well as a pick up in M&A.

Bank of America Corp., Citigroup Inc. and Apollo Global Management Inc. are providing the debt co

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