The merger creating Hollywood’s newest giant closes Tuesday, October 6, 2026, when Paramount Skydance Corporation becomes Skydance Corporation and starts trading on the New York Stock Exchange under the ticker SKYD. The 81 billion dollar acquisition of Warner Bros. Discovery clears its final hurdle after a federal judge approved a consent decree with 12 state attorneys general on September 30.
What happens on October 6
Paramount Skydance will withdraw its Class B shares from Nasdaq after the market closes on Monday, October 5, ending the PSKY ticker’s run. Regular-way trading begins on the NYSE at the opening bell Tuesday under SKYD.
Warner Bros. Discovery shares will disappear from both the S&P 500 and the Nasdaq 100 as the acquisition completes. Paramount is paying 31 dollars per WBD share, with the final payment adjusted by a daily ticking fee that began October 1.
Deal terms at a glance
| Item | Detail |
|---|---|
| Closing date | October 6, 2026 |
| New company name | Skydance Corporation |
| New ticker and exchange | SKYD, New York Stock Exchange |
| Price for Warner Bros. Discovery | $31 per share plus daily ticking fee |
| Deal value | Approximately $81 billion |
| Antitrust settlement | Consent decree approved Sept. 30, N.D. Cal. |
| Co-CEOs | David Ellison and Ynon Kreiz |
The consent decree commitments
U.S. District Judge Araceli Martinez-Olguin approved the settlement resolving the states’ Clayton Act suit, calling it a reasonable resolution of the dispute. The commitments bind the combined company for five years.
Skydance must release at least 30 theatrical films annually in the first two years, including 20 wide releases, and 32 films annually in years three through five. It must spend at least 300 million dollars in additional U.S. production spending each year above 2025 levels, totaling 1.5 billion dollars. The company may not sell or close either the Paramount or Warner Bros. studio lots, and it must establish a five-member editorial independence board overseeing CBS News and CNN within 180 days of closing.
Who runs the combined company
David Ellison remains chairman and chief executive, focusing on strategy, creative direction, technology, and capital allocation. Ynon Kreiz, the former Mattel chairman and CEO, joins as co-CEO effective October 5 and will oversee operations and integration of the two companies.
The combined studio controls the Paramount and Warner Bros. film operations, HBO and HBO Max, Paramount+, CBS, CNN, and a large cable network portfolio. Franchises include Harry Potter, Game of Thrones, the DC Universe, Yellowstone, Mission Impossible, Top Gun, and Nickelodeon. Rentrak data shows the two studios will release a combined 35 films in theaters next year.
What investors should watch
Index funds must complete their rebalancing as WBD exits the S&P 500 and Nasdaq 100. Holders of WBD shares receive 31 dollars per share plus the ticking fee, and the final payment depends on the closing date.
Class B warrant distributions are targeted for October 13, subject to settlement confirmation. The first unified financial picture arrives with third-quarter earnings in November 2026, when the co-CEOs present consolidated guidance for the first time.
A media company carrying two studio lots, streaming platforms in transition, and five years of mandated production spending carries heavy integration risk. The decree’s spending commitments raise costs at the same time the industry navigates declining linear television revenue. Investors considering SKYD shares should wait for at least one quarter of combined reporting before sizing a position.
Bottom line
Tuesday’s close ends a year of bidding wars, regulatory fights, and courtroom drama that derailed a planned Warner Bros. Discovery deal with Netflix. Skydance Corporation enters the market as one of the largest content producers in the world, with binding commitments that shape its economics through 2031. The October 6 NYSE debut, the warrant distribution on October 13, and the November earnings report mark the next checkpoints for anyone following the deal.
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