Monitor the closing of the WBD Merger — the warrant distribution and its terms are entirely contingent on that event. If the merger closes, the warrants will trade separately on the NYSE, creating a new liquid instrument. The exercise price floor of $12.00 and cap of $16.02 define the initial value range.
Price Chart
Executive Summary
Paramount Skydance Corp voluntarily delists from Nasdaq to transfer its Class B Common Stock listing to the NYSE, effective October 6, 2026. Concurrently, the Board set a Record Date of October 5, 2026 for the distribution of approximately 470 million warrants to eligible Class B shareholders, contingent on closing the Warner Bros. Discovery acquisition. The warrant distribution is a non-dilutive dividend at issuance but represents a potential future dilution and capital source.
Key Facts
- Voluntary transfer of listing from Nasdaq to NYSE; Nasdaq trading ends ~Oct 5, 2026; NYSE trading begins ~Oct 6, 2026.
- Record Date for warrant distribution set for October 5, 2026; Issue Date on or about October 13, 2026.
- Approximately 470 million warrants expected to be issued; each warrant entitles holder to purchase one share of Class B Common Stock.
- Exercise price to be determined as VWAP over 20 trading days ending 3 business days before WBD Merger close, capped at $16.02 and floored at $12.00 per share.
- Warrant distribution is contingent on closing of the Warner Bros. Discovery acquisition; if all 470M warrants exercised at $12.00, gross proceeds would be ~$5.6 billion.
- Restricted Holders (Ellison, RedBird affiliates) and the Paramount Global 401(k) Plan are excluded from the warrant distribution.
Financial Impact
Potential gross proceeds of ~$5.6 billion if all ~470M warrants exercised at $12.00 floor exercise price; no immediate cash impact from distribution itself.
Risk Factors
- WBD Merger may not close, causing cancellation of the entire warrant distribution.
- No assurance an active trading market for the warrants will develop or be sustained.
- Warrants may expire worthless if not exercised or sold before expiration (10 years from Issue Date, or earlier if stock price triggers early expiration.
- Future dilution to Class B Common Stock holders if warrants are exercised.
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-111034 |
| Document: tm2610616d11_8k.htm | 0001104659-26-111034 |
| Document: 0001104659-26-111034-index-headers.html | 0001104659-26-111034 |
| Document: 0001104659-26-111034-index.html | 0001104659-26-111034 |
| Document: 0001104659-26-111034.txt | 0001104659-26-111034 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 19d ago | 3 | $9.16 | awaiting T+60 | — | — |
Oct 8, 2026 19d ago | 3 | $9.16 | awaiting T+60 | — | — |
Oct 7, 2026 20d ago | 3 | $9.28 | awaiting T+60 | — | — |
Oct 6, 2026 21d ago | 8-K | $9.53 | awaiting T+60 | — | — |
Oct 5, 2026 22d ago | 424B5 | $9.78 | awaiting T+60 | — | — |
Oct 2, 2026 25d ago | 8-K | $9.50 | awaiting T+60 | — | — |
Sep 28, 2026 29d ago | 8-K | $10.28 | awaiting T+60 | — | — |
Sep 25, 2026 4w ago | 8-K | $10.28 | awaiting T+60 | — | — |
Sep 21, 2026 5w ago | Press Release | $10.11 | awaiting T+60 | — | — |
Jul 31, 2026 12w ago | S-3ASR | $8.22 | awaiting T+60 | — | — |
US Market Status
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