Paramount Skydance Corp — Form 8-K

Paramount Skydance Corporation announced a warrant dividend distribution contingent on closing its acquisition of Warner Bros. Discovery. Eligible Class B Common Stock holders of record as of October 5, 2026 will receive one warrant per share (approximately 470 million total warrants) at no cost on October 13, 2026. Each warrant grants the right to purchase one Class B share at an exercise price between $12.00–$16.02 (based on 20-day VWAP pre-close, capped), expiring October 2036, with potential early expiration if stock trades above $30 for 20 of 30 trading days after year 3. Restricted holders (Ellison entities, RedBird Capital Partners) and 401(k) plan holders are excluded. Maximum cash proceeds if all warrants exercised via Physical Settlement at $12.00 strike: ~$5.6 billion.