Paramount Skydance Corporation (NYSE: SKYD) has completed its acquisition of Warner Bros. Discovery, Inc. (WBD), creating a combined entity named Skydance. The transaction closed on October 6, 2026, following the receipt of regulatory approvals in nearly 70 jurisdictions worldwide. Under the terms of the agreement, WBD shareholders received $31.01666668 per share in cash, and WBD shares have ceased trading on the NASDAQ.
As part of the closing, the Company transferred the listing of its Class B Common Stock from The Nasdaq Stock Market to the New York Stock Exchange. The ticker symbol was changed from “PSKY” to “SKYD.” The transaction was supported by $47 billion in new equity investment in Class B Common Stock, led by the Ellison Family, RedBird Capital Partners, Public Investment Fund (PIF), L’IMAD, Qatar Investment Authority (QIA), and LionTree, priced at $12.00 per share.
In connection with the merger, Paramount Skydance issued $41.4 billion in aggregate principal amount of senior secured notes. The debt offering included $30.0 billion of first lien senior secured notes and $11.4 billion of second lien senior secured notes, denominated in U.S. dollars. Additionally, the Company issued €885 million in 7.000% Senior Secured Second Lien Notes due 2031. The notes were issued pursuant to supplemental indentures with Deutsche Bank Trust Company Americas.
The Company stated that it intends to use the net proceeds from the notes offering, borrowings under credit facilities, cash on hand, and the net proceeds of a private investment in public equity (PIPE) transaction to finance the merger, repay existing debt, and pay related fees and expenses.
The Company also announced that it has amended its certificate of incorporation to effect the merger and related corporate actions.
