Skydance Corporation filed a Current Report on Form 8-K dated October 9, 2026, detailing the distribution of warrants and the settlement of debt exchange and tender offers related to its acquisition of Warner Bros. Discovery.
The company reported that on October 13, 2026, it issued 470,746,773 warrants to purchase shares of its Class B Common Stock as a dividend. These warrants, which trade under the symbol "SKYD WS" on the New York Stock Exchange, were issued pursuant to a warrant agreement dated October 13, 2026, with Equiniti Trust Company, LLC as the warrant agent. The warrants have an initial exercise price of $12.00 per share and are registered under the Securities Act of 1933.
In connection with the merger, Skydance also completed offers to exchange and purchase outstanding senior notes issued by Discovery Communications, LLC and Discovery Global Holdings, Inc. (subsidiaries of Warner Bros. Discovery). The exchange offers expired on October 6, 2026, and settled on October 9, 2026.
Approximately 99.15% of the aggregate principal amount of the Existing Exchange Offer Notes was validly tendered. As a result, the company issued $11,983,970,000 in U.S. dollar-denominated notes and €546,547,000 in euro-denominated notes in exchange for the tendered debt. These new notes are senior secured second lien notes with various maturities ranging from 2029 to 2052.
Separately, the tender offers expired and settled on the same dates. Holders of approximately 98.83% of the aggregate principal amount of the Existing Tender Offer Notes validly tendered. The company purchased $2,395,448,000 in aggregate principal amount of these notes for $2,380,201,732.56 in cash, plus accrued and unpaid interest.
