Skydance (SKYD), formerly Paramount Skydance, completed its acquisition of Warner Bros. Discovery (WBD), paying shareholders $31.01666668 in cash per share. All required regulatory approvals and closing conditions were satisfied. WBD shares ceased Nasdaq trading, while Skydance Class B shares begin NYSE trading on October 6, 2026.
The transaction included $47 billion of new Class B equity investment priced at $12.00 per share, alongside debt financing. The combined business has nearly $70 billion in revenue and 200+ million streaming subscribers across platforms. Skydance targets $6 billion-plus in run-rate synergies over the next three years, net leverage of 3.0x by the end of 2029 and more than $10 billion in free cash flow by 2030. It commits to at least 30 theatrical films annually, each with a minimum 45-day theatrical window, and plans to unify its streaming products into one service over time.