Skydance completes Warner Bros. Discovery merger; issues 470.7M warrants at $12, $12.5B notes

Paramount Skydance Corp

Completed acquisition of Warner Bros. Discovery on Oct 6, 2026 under merger agreement dated Feb 27, 2026; WBD survives as wholly owned Skydance subsidiary.
Warrant dividend: one warrant per Class B share (record date Oct 5), 470,746,773 warrants issued Oct 13 at $12.00 exercise price, expiring Oct 13, 2036; trade as SKYD WS.
Exchange Offers settled Oct 9: 99.15% of existing WBD notes tendered; Skydance issued $11.98B and EUR 546.5M of senior secured second lien notes (rates 4.875%-6.350%).
Tender Offers: 98.83% tendered; company bought $2,395,448,000 principal for $2,380,201,732.56 cash; no cash proceeds from Exchange Offers.
Junior Lien Exchange Offers deadline extended to March 4, 2027; if not commenced, DCL/DGH owe $100 per $1,000 principal to eligible holders.

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