Paramount Skydance closes $110B Warner Bros. Discovery merger, issues $41.4B in secured notes and 3.9B PIPE shares
Summary
Paramount Skydance completed its $110B acquisition of Warner Bros. Discovery, funded by $41.4B in secured notes, $9.4B in term loans, and a 3.9B-share PIPE at $12.00/share. The company renamed to Skydance Corporation and moved to the NYSE under ticker SKYD.
Key Events · M&A and Partnerships · PSKY
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Merger Completed
Warner Bros. Discovery merged into a wholly owned subsidiary of Paramount Skydance on October 6, 2026. WBD shareholders received $31.00 per share in cash plus ticking consideration totaling $41.9M.
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PIPE Transaction
3,917,657,246 shares of Class B Common Stock issued to PIPE investors at $12.00 per share, representing approximately $47.0B in equity financing for the merger.
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Debt Financing
$41.4B in senior secured notes issued: $30.0B first lien (6.300% to 8.900% coupons, maturities 2028-2066) and $11.4B second lien USD plus €885M EUR (7.000% to 9.125% coupons). Additional $8.5B USD and €850M EUR seven-year Term B-1 loans.
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Corporate Identity Change
Company renamed from Paramount Skydance Corporation to Skydance Corporation. Ticker changed from PSKY to SKYD and listing transferred from Nasdaq to NYSE.
Analysis · PSKY · Technology
The merger that has dominated Paramount Skydance's timeline for months closed on October 6, 2026. This filing delivers the final terms: a $41.4 billion secured debt package across first and second lien notes, an $8.5 billion dollar and €850 million euro term loan facility, and a PIPE of 3.9 billion Class B shares at $12.00 per share. The company also renamed itself Skydance Corporation, moved its listing to the NYSE under ticker SKYD, and appointed a new President. For a company with a market cap around $11 billion, this is a transformative event that reshapes the entire capital structure and equity base.
How filings like this one have moved
In the 30 days to Oct 6, 2026, 42.7% of the 302 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.70%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, PSKY was trading at $9.80 on NASDAQ in the Technology sector, with a market capitalization of approximately $11B. This filing was assessed with neutral market sentiment and an importance score of 9 out of 10.