Skydance Debuts on NYSE After $31.02/Share Warner Bros. Deal Closes
SKYD sits 24% above its 52-week low of $7.62.
Summary
Skydance completed its acquisition of Warner Bros. Discovery on Tuesday, and its Class B shares began trading on the NYSE as SKYD. WBD shareholders received about $31.02 per share in cash, and WBD and PSKY shares stopped trading on Nasdaq. The combined company holds two major film studios, two global streaming services, CBS, HBO, CNN, and sports networks, with over 200 million streaming subscribers and nearly $70 billion in revenue. Skydance targets at least $6 billion in run-rate synergies within three years and plans to cut net leverage to 3.0x by end of 2029. SKYD shares were down 4.81% at $9.31 at the time of publication, reflecting initial trading after the merger. The Ellison family and RedBird Capital hold all Class A shares with 100% voting power, while investors put $47 billion of new Class B equity into the deal at $12 per share.
At the time of this announcement, SKYD was trading at $9.43 on NYSE in the Technology sector, with a market capitalization of approximately $10.6B. The 52-week trading range was $7.62 to $19.22. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: Benzinga.