---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-115294"
form_type: "8-K"
ticker: "PSKY"
cik: "0002041610"
company_name: "Paramount Skydance Corp"
filed_at: "2026-10-13T12:21:19+00:00"
generated_at: "2026-10-13T12:25:06.762299+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-26-115294
- form_type: 8-K
- ticker: PSKY
- cik: 0002041610
- company_name: Paramount Skydance Corp
- filed_at: 2026-10-13T12:21:19+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2041610/000110465926115294/0001104659-26-115294-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2041610/000110465926115294/tm2626659d12_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-115294
- JSON: https://secwatch.observer/filing/0001104659-26-115294.json
- Plain text: https://secwatch.observer/filing/0001104659-26-115294.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.