Skydance completes $31-a-share acquisition of Warner Bros. Discovery
Warner Bros. Discovery shares converted into $31.00 in cash plus additional consideration as the combined company moved its listing to the New York Stock Exchange under the ticker SKYD.
Published
Skydance, formerly Paramount Skydance, has completed its acquisition of Warner Bros. Discovery. Each share of Warner Bros. Discovery common stock was converted into the right to receive $31.00 in cash plus a ticking consideration, with the deal closing on October 6, 2026.
To fund the purchase, Skydance issued $41.4 billion in senior secured notes. It also borrowed $8.5 billion of dollar-denominated Term B-1 loans and €850 million of euro-denominated Term B-1 loans. Separately, the company sold 3,917,657,246 shares of Class B common stock to PIPE investors at $12.00 per share.
Skydance moved its stock listing from Nasdaq to the New York Stock Exchange, changing its ticker from PSKY to SKYD. The board also appointed Andrew Brandon-Gordon, previously Chief Strategy Officer and Chief Operating Officer, as President effective at closing.
The closing itself confirms a timeline that markets had already priced in once the consent decree cleared on September 30 and financing was locked in through a $44.4 billion notes offering that day. The PIPE price of $12.00 a share and a warrant structure capped at $16.02 give investors explicit reference points for valuing the combined company's equity, while the NYSE listing switch had already been flagged on October 2. What is not yet settled is how smoothly Ellison and Kreiz can integrate the two companies while operating inside the consent decree's production-spending floor and divestiture triggers, which limit how far the combined company can cut costs.