Skydance Issues 470.7M Warrants at $12 Strike and Settles $12.5B in Exchange/Tender Offers
Summary
Skydance distributed 470.7M warrants (strike $12.00) as a dividend to Class B stockholders and settled $12.5B in exchange/tender offers, completing the financing for its Warner Bros. Discovery acquisition.
Key Events · Financing and Capital Events · PSKY
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Warrant Distribution
470,746,773 warrants issued as a dividend to Class B stockholders (excluding Restricted Holders), each exercisable for one Class B share at $12.00, expiring October 13, 2036.
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Exchange Offers Settled
$11,983,970,000 in dollar notes and €546,547,000 in euro notes issued in exchange for 99.15% of tendered existing notes; no cash proceeds received.
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Tender Offers Settled
$2,395,448,000 principal amount of existing notes purchased for $2,380,201,732.56 in cash, plus accrued interest.
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Warrant Strike vs. Current Price
Warrant exercise price of $12.00 is 22% above today's $9.80 stock price, meaning warrants are currently out-of-the-money.
Analysis · PSKY · Technology
The financing mechanics of the $110B Warner Bros. Discovery acquisition are now complete. A dividend of 470.7 million warrants was distributed to Class B stockholders, each exercisable for one share at $12.00 — a strike price 22% above today's $9.80 price, meaning the warrants are currently out-of-the-money. Simultaneously, the exchange offers settled, issuing $11.98B in dollar notes and €546.5M in euro notes, while $2.38B in cash was paid to purchase tendered notes. The warrant distribution creates significant potential future dilution if the stock rises above $12, and the note settlements finalize the permanent debt structure of the merged entity.
How filings like this one have moved
In the 30 days to Oct 13, 2026, 36.5% of the 995 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.63%. These are measured outcomes after filings of this importance, not a forecast for this one.
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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 8 out of 10.