Paramount Skydance sets warrant distribution and moves listing to NYSE

Paramount Skydance Corp. (PSKY) announced Thursday that it will transfer the listing of its Class B common stock from The Nasdaq Global Select Market to the New York Stock Exchange. The company said in a regulatory filing that trading on Nasdaq is expected to end at market close on or about October 5, 2026, with trading to begin on the NYSE at market open on or about October 6, 2026.

Alongside the exchange transfer, the company set a record date of the close of business on October 5, 2026, for its previously announced distribution of warrants to purchase shares of Class B common stock. The company expects to distribute approximately 470 million warrants on or about October 13, 2026. The distribution is contingent on the closing of the company's acquisition of Warner Bros. Discovery, Inc.

Under the terms of the distribution, eligible holders of Class B common stock will receive one warrant for every one share held as of the record date, rounded down to the nearest whole warrant. Certain restricted holders, including Lawrence J. Ellison, David F. Ellison, Gerald J. Cardinale, The Lawrence J. Ellison Revocable Trust, and RedBird Capital Partners Fund IV (Master), L.P., along with certain subsidiaries, will be excluded from the distribution. Shares held through the Paramount Global 401(k) Plan and the Paramount Global Master Trust will receive shares of Class B common stock in lieu of warrants.

Each warrant will initially entitle the holder to purchase one share of Class B common stock. The initial exercise price will equal the average of the daily volume-weighted average price of the Class B common stock for the 20 trading days ending on the third business day prior to the closing of the Warner Bros. Discovery merger, subject to a maximum of $16.02 per share and a minimum of $12.00 per share. The company intends to apply to list the warrants on the NYSE.

The warrants will expire on the tenth anniversary of the issue date, or earlier if the company designates an early expiration date following the third anniversary. An early expiration may be triggered if the closing sale price of the Class B common stock reaches at least $30.00 per share for at least 20 trading days within any 30-consecutive-trading-day period.