Skydance completes acquisition of Warner Bros. Discovery

• Skydance (NYSE:SKYD) completed its acquisition of Warner Bros. Discovery (NASDAQ:WBD), paying shareholders $31.01666668 in cash per share.
• The transaction included $47 billion in new Class B equity alongside debt financing to combine media operations.
• The combined business generates nearly $70 billion in annual revenue with over 200 million streaming subscribers.

Skydance (NYSE:SKYD), formerly Paramount Skydance, finalized its acquisition of Warner Bros. Discovery (NASDAQ:WBD) following the satisfaction of all regulatory approvals and closing conditions.

The transaction officially removes Warner Bros. Discovery common stock from Nasdaq trading as Skydance Class B shares commence trading on the New York Stock Exchange on October 6, 2026.

The transaction included $47 billion of new Class B equity investment priced at $12.00 per share, alongside debt financing

Management confirmed target milestones of achieving $6 billion-plus in run-rate synergies over three years, a net leverage ratio of 3.0x by late 2029, and over $10 billion in free cash flow by 2030.

Skydance operates as a integrated entertainment enterprise spanning major film studios, broadcast networks, cable assets, and streaming platforms.

The company committed to producing at least 30 theatrical films annually with a minimum 45-day theatrical window while planning to unify its streaming offerings into a single global service over time.