Skydance completes $78 billion takeover of Warner Bros. Discovery
Warner Bros. Discovery stock is delisted from the Nasdaq and shareholders receive a fixed cash payout as Skydance takes control
Published
Skydance Corporation has completed its acquisition of Warner Bros. Discovery, closing a deal worth approximately $78 billion. The merger took effect on October 6, 2026, with Warner Bros. Discovery continuing on as a wholly owned subsidiary of Skydance.
Shareholders receive $31.01666668 per share in cash. The payment was funded through a mix of equity and debt financing. Warner Bros. Discovery common stock has been delisted from the Nasdaq Global Select Market.
Chief executive David Zaslav leaves the company effective October 6. Chief financial officer Gunnar Wiedenfels and other named officers depart effective October 16. Directors and officers from Skydance's merger subsidiary take over as Warner Bros. Discovery's board and management.
The closing is the formal confirmation of what had already taken effect operationally on October 6: the stock is gone from the market and holders now have a fixed cash payment rather than ongoing equity exposure. The exits of Zaslav and Wiedenfels close out the prior management era, following the earlier appointment of a co-chief executive and the handover of the board to Skydance's merger entity. With the cash consideration fixed and the stock delisted, attention now turns to how Skydance's leadership runs the combined company within the limits set by a consent decree governing production spending and divestitures.