Paramount Skydance to Transfer Listing to NYSE and Issue Warrants for WBD Acquisition

Paramount Skydance Corporation filed a Form 8-K on September 25, 2026, announcing a voluntary transfer of its Class B common stock listing from the Nasdaq Global Select Market to the New York Stock Exchange (NYSE). The company stated that trading on Nasdaq will end at market close on or about October 5, 2026, and trading on the NYSE is expected to begin at market open on or about October 6, 2026.

In connection with the previously announced acquisition of Warner Bros. Discovery, Inc. (the “WBD Merger”), the company has set a record date of October 5, 2026, for the distribution of warrants. The distribution is contingent upon the closing of the WBD Merger, which remains subject to further conditions. The company expects to distribute the warrants on or about October 13, 2026.

Eligible holders of Class B common stock as of the record date will receive one warrant for each share held, rounded down to the nearest whole warrant. The company expects to issue approximately 470 million warrants. The distribution excludes certain “Restricted Holders,” including Lawrence J. Ellison, David F. Ellison, Gerald J. Cardinale, the Lawrence J. Ellison Revocable Trust, and RedBird Capital Partners Fund IV (Master), L.P., as well as the company’s wholly owned subsidiaries and the Paramount Global 401(k) Plan.

Each warrant will initially entitle the holder to purchase one share of Class B common stock at an exercise price equal to the average daily volume-weighted average price of the Class B Common Stock for the twenty trading days ending on the third business day prior to the closing of the WBD Merger. This price is subject to a maximum of $16.02 and a minimum of $12.00 per share. The company intends to list the warrants for trading on the NYSE, subject to applicable approvals. The warrants will expire at 5:00 p.m., New York City time, on the tenth anniversary of the issue date, subject to an early expiration provision that may be triggered if the closing price of the Class B common stock reaches $30.00 for a specified period following the third anniversary.