Skydance Corporation announced on October 6 that it has completed its acquisition of Warner Bros. Discovery, creating a combined company named “Skydance.” Its Class B shares begin trading on the NYSE today under the ticker “SKYD,” while WBD shares have ceased trading on NASDAQ. WBD shareholders received $31.01666668 per share in cash.
The merged business brings together two major film studios, two global streaming services, and a television portfolio spanning CBS, HBO and both companies’ cable networks. It also houses CBS News, CNN, CBS Sports and TNT Sports. Its franchises range from Top Gun and Harry Potter to White Lotus and SpongeBob SquarePants, and it reaches audiences in over 200 countries and territories with more than 200 million streaming subscribers.
Skydance has committed to at least 30 theatrical films annually, each with a minimum 45-day theatrical window, and will keep commissioning independent studios and licensing content to third parties. Its direct-to-consumer streaming products will unify into a single service over time. Competition authorities across nearly 70 jurisdictions unanimously approved the deal.
Financially, the company has nearly $70 billion in revenue and targets $6 billion-plus in run-rate synergies over three years, mainly from technology, integration, procurement, marketing and real estate. It expects over $10 billion in free cash flow by 2030 and aims to reach its 3.0x net leverage target by the end of 2029. The deal was backed by $47 billion in new equity at $12.00 per share, with debt financing led by Bank of America, Citigroup and Apollo.
Chairman and CEO David Ellison called it a historic day for the industry, with the focus now shifting to empowering creatives, entertaining audiences and rewarding shareholders.
