> ## Content Index > Fetch the complete content index at: https://www.bullished.co/llms.txt > Use this file to discover other available public pages before exploring further. # Skydance Closes Its Warner Bros. Discovery Purchase With $51.9 Billion In New Debt And A $6 Billion Savings Target - URL: https://www.bullished.co/skydance-closes-its-warner-bros-discovery-purchase-with-51-9-billion-in-new-debt-and-a-6-85e5b265/ - Published: 2026-10-06T13:21:52.000Z - Updated: 2026-10-06T13:21:52.000Z - Description: The renamed company moved its Class B shares to the NYSE as SKYD and cut its $49.0 billion bridge loan to zero. - Author: Matteo Parrino - Tags: SEC Filings, PSKY, Industry: Communication Services [Paramount Skydance](https://www.bullished.co/tag/psky/) finished its all-cash purchase of Warner Bros. Discovery on Tuesday, according to an [8-K filed with the SEC](https://www.sec.gov/Archives/edgar/data/0002041610/000110465926113913/tm2626659d7%5F8k.htm?ref=bullished.co). The company is now called Skydance, and its Class B stock moved from Nasdaq to the New York Stock Exchange under the ticker SKYD, replacing PSKY. ## What the 8-K says Warner Bros. Discovery (WBD) now survives as a wholly owned subsidiary of Skydance. The merger agreement dates to February 27, 2026, the filing says. WBD shareholders received $31.00 in cash per share plus a small daily ticking amount. The [filing](https://www.sec.gov/Archives/edgar/data/0002041610/000110465926113913/tm2626659d7%5F8k.htm?ref=bullished.co) puts the ticking amount at $41,886,975.78 in total. The company's pro forma estimate of all cash paid to WBD stockholders is $78.0 billion. The company [targets at least $6 billion](https://www.sec.gov/Archives/edgar/data/0002041610/000110465926113913/tm2626659d7%5Fex99-1.htm?ref=bullished.co) in run-rate synergies, meaning annual savings, within three years. It expects them mainly from technology, integration, procurement, marketing and real estate, according to the press release. The pro forma exhibit shows Paramount paid a $2.8 billion Netflix termination fee on WBD's behalf before signing its own merger agreement. That fee counts as part of the purchase price. ## How it was financed The [pro forma exhibit](https://www.sec.gov/Archives/edgar/data/0002041610/000110465926113913/tm2626659d7%5Fex99-2.htm?ref=bullished.co) lists $51.9 billion of new permanent debt: term loans plus first-lien and second-lien secured notes. It also shows about 3.9 billion new Class B shares sold at $12.00 each to the Ellison family, RedBird and Gulf sovereign investors. The filing details the notes, issued October 5 in private placements. They total $41.4 billion in dollar-denominated debt plus €885 million. Of the dollar total, $30.0 billion is first lien and $11.4 billion is second lien. Coupons run from 6.300% on the 2028 first-lien notes to 8.900% on the 2066 first-lien notes. The second-lien notes pay 8.250% to 9.125% in dollars, and 7.000% on the euro series due 2031. Holders can require repurchase at 101% of principal if a change-of-control triggering event occurs, the filing says. ## What it changes for holders The $49.0 billion bridge loan, a short-term financing line, was cut to zero and terminated. The company said it targets net leverage of 3.0x by the end of 2029 and more than $10 billion in free cash flow by 2030. If you own the stock, it now trades under a new ticker on a new exchange. The company has also added the Class B shares sold at $12.00 to its base. ## What to watch Paramount expects to distribute 10-year warrants, exercisable at $12.00, to eligible Class B holders on or about October 13\. Results of the WBD bond exchange and tender offers, which expired October 6, are also due. The next dated item is the warrant distribution on or about October 13, along with the tally from the expired WBD bond offers. ### Sources - [8-K Filing — Paramount Skydance Corp (PSKY)](https://www.sec.gov/Archives/edgar/data/0002041610/000110465926113913/tm2626659d7%5F8k.htm?ref=bullished.co) — SEC EDGAR - [Exhibit tm2626659d7\_ex99-1.htm — Paramount Skydance Corp 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0002041610/000110465926113913/tm2626659d7%5Fex99-1.htm?ref=bullished.co) — SEC EDGAR - [Exhibit tm2626659d7\_ex99-2.htm — Paramount Skydance Corp 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0002041610/000110465926113913/tm2626659d7%5Fex99-2.htm?ref=bullished.co) — SEC EDGAR - [Paramount and Warner Bros. merge to become Skydance : NPR](https://www.npr.org/2026/10/06/nx-s1-5988283/paramount-warner-bros-skydance-merger-david-ellison?ref=bullished.co) — NPR - [Paramount, Warner Bros. will be named Skydance after merger - Los Angeles Times](https://www.latimes.com/entertainment-arts/business/story/2026-10-02/paramount-warner-will-become-skydance-after-merger?ref=bullished.co) — Los Angeles Times - [Paramount and Warner Bros Discovery to become Skydance | TechCrunch](https://techcrunch.com/2026/10/02/paramount-and-warner-bros-discovery-to-become-skydance/?ref=bullished.co) — TechCrunch - [Paramount's Warner Bros. Discovery merger: Timeline and key dates](https://www.cnbc.com/2026/10/06/paramount-wbd-deal-timeline.html?ref=bullished.co) — CNBC - [Paramount-Warner Bros. Discovery merger to close after nearly yearlong battle, paving way for Skydance](https://finance.yahoo.com/markets/stocks/article/paramount-warner-bros-discovery-merger-to-close-after-nearly-yearlong-battle-paving-way-for-skydance-114120057.html?ref=bullished.co) — Yahoo Finance ### More on Paramount Skydance - [Paramount Skydance Plans NYSE Move And Name Change To Skydance Corporation, Both Set For October 6](https://www.bullished.co/paramount-skydance-plans-nyse-move-and-name-change-to-skydance-corporation-both-set-for-eb538d2b/) - [Paramount Skydance Names Mattel's Ynon Kreiz Co-CEO Days Before Warner Bros. Discovery Merger Close](https://www.bullished.co/paramount-skydance-names-mattels-ynon-kreiz-co-ceo-days-before-warner-bros-discovery-69dd82e1/) [All Paramount Skydance (PSKY) coverage →](https://www.bullished.co/tag/psky/)