Every material Form 8-K Skydance has filed with the SEC since September 16, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Skydance Corporation issued $11,983,970,000 in U.S. dollar second lien notes and EUR 546,547,000 in euro second lien notes on October 9, 2026, in exchange for existing notes issued by its WBD subsidiaries. The notes are secured by second-priority liens on substantially all personal property and rank junior to the company's credit facilities and first lien notes, so the exchange adds secured debt that sits ahead of unsecured obligations.
Dollar notes totaled $11,983,970,000 across 12 series, with maturities from 2029 to 2052; euro notes totaled 546,547,000 euros across 2030 and 2033 series.
As of the October 6, 2026 expiration date, about 99.15% of the existing exchange offer notes were validly tendered, and about 98.83% of the existing tender offer notes were tendered for cash.
The notes are junior in lien priority to the company's credit facilities and first lien senior secured notes, and liens are released for a series if an Investment Grade Event occurs and the company has no more than $250,000,000 of term B lo
The filing also describes a warrant distribution with an issue date of October 13, 2026, and NYSE ticker SKYD WS, for holders of Class B common stock as of the October 5, 2026 record date.
Skydance Corporation appointed Robert A. Kotick, former CEO of Activision Blizzard, and Laurene Powell Jobs, founder and president of Emerson Collective, as directors, with both appointments effective at the closing of its previously disclosed merger with Warner Bros. Discovery. The filing describes board appointments and standard director pay terms, with no financial results or deal terms changed, so the direct effect on shareholders is limited to board composition once the merger closes.
Robert A. Kotick, age 63, appointed to the board October 4, 2026, and will serve on the Nominating and Governance Committee
Laurene Powell Jobs, age 62, appointed to the board October 5, 2026
Both appointments are effective at the closing of the merger under the February 27, 2026 agreement with Warner Bros. Discovery, Inc.
Both directors are eligible for the Non-Employee Director Compensation Program and have signed the standard indemnification agreement
Skydance Corporation, formerly Paramount Skydance, completed its acquisition of Warner Bros. Discovery on October 6, 2026, and began trading as SKYD on the NYSE under the new name. The company issued $41.4 billion of senior secured notes on October 5 to help finance the deal, and the filing estimates total cash consideration to WBD shareholders at $78.0 billion, so the transaction adds substantial debt and share issuance for existing shareholders.
WBD shareholders receive $31.00 per share in cash plus ticking consideration; the press release cites $31.01666668 per share
Company issued $41.4 billion of senior secured notes on October 5, 2026, including $30.0 billion first lien and $11.4 billion second lien dollar notes plus €885 million euro notes
Equity investors bought about 3,918 million new Class B shares at $12.00 per share
Management targets at least $6 billion in run-rate synergies within three years and net leverage of 3.0x by the end of 2029
Paramount Skydance appointed Ynon Kreiz, Mattel's Chairman and CEO, as Co-Chief Executive Officer and a board member, effective October 5, 2026, and the company says he will oversee day-to-day operations and integration of the combined businesses after its pending Warner Bros. Discovery merger. The filing also sets out his pay, equity awards and severance terms, and the merger is expected to close on October 6, 2026.
Base salary of at least $3,500,000, rising to $5,000,000 after the Warner Bros. Discovery closing; target bonus of $1,500,000, rising to $4,900,000.
Signing award of 2,625,000 fully vested RSUs and pre-closing award of 1,250,000 RSUs covering Class B common stock.
Annual equity awards of $15,000,000, rising to $20,100,000 after the Warner Bros. Discovery closing.
Qualifying termination severance equal to two times base salary plus target bonus, paid over 24 months. Expected Warner Bros. Discovery closing date is October 6, 2026, with WBD holders to receive $31.01666668 per share in cash if closing o
Paramount Skydance Corporation said it will move the listing of its Class B common stock from Nasdaq to the NYSE, with Nasdaq trading ending at market close on or about October 5, 2026 and NYSE trading beginning on or about October 6, 2026. The company also set an October 5, 2026 record date for a distribution of about 470 million warrants to Class B holders, with issuance expected on or about October 13, 2026, but the distribution depends on the closing of the Warner Bros. Discovery acquisition, whose timing is not certain.
Nasdaq trading in Class B common stock expected to end at market close on or about October 5, 2026
NYSE trading expected to begin at market open on or about October 6, 2026
Record date October 5, 2026; warrants of about 470 million expected to be issued on or about October 13, 2026, one warrant per share held
Warrant exercise price set at the 20-day VWAP before the WBD Merger closing, capped at $16.02 and floored at $12.00; the distribution may be cancelled or postponed
Paramount Skydance reported second-quarter 2026 revenue of $6.9 billion, up 1% from the predecessor company's $6.8 billion in Q2 2025, with adjusted EBITDA of $1.1 billion, up 27% year over year. Net earnings were $41 million, or $0.04 per diluted share, down from $57 million, or $0.08, a year earlier. The company raised its 2026 adjusted EBITDA forecast to $3.8 billion to $3.9 billion from $3.8 billion and kept its $30 billion full-year revenue expectation.
Q2 2026 revenue $6.9 billion, up 1% from $6.8 billion in Q2 2025 on a predecessor basis
Operating income $475 million (6.9% margin), including $153 million of transaction-related costs
Net earnings $41 million and diluted EPS $0.04, versus $57 million and $0.08 in Q2 2025
2026 adjusted EBITDA outlook raised to $3.8 billion to $3.9 billion; full-year revenue expected at $30 billion
Paramount Skydance reported first-quarter 2026 revenue of $7.3 billion, up 2% from the predecessor company's Q1 2025, and net earnings of $168 million, up from $152 million. Diluted EPS fell to $0.15 from $0.22, and weighted average diluted shares rose to 1,118 million from 678 million. The company reaffirmed its full-year 2026 outlook of $30 billion in revenue and $3.8 billion in adjusted EBITDA.
Q1 operating income was $616 million (8% margin), including $103 million of transaction-related costs.
Net earnings were $168 million versus $152 million a year earlier; diluted EPS was $0.15 versus $0.22.
Q2 2026 outlook: revenue of $6.75 billion to $6.95 billion and adjusted EBITDA of $0.9 billion to $1.0 billion.
The pending Warner Bros. Discovery acquisition is targeted to close by the end of Q3 2026; WBD shareholders approved the merger agreement on April 23.
Skydance (PSKY) signed a secured credit agreement on April 7, 2026 with banks to fund its pending acquisition of WBD, with the term loans and revolver drawn only at deal closing. The same day it expanded an existing revolver to $5.00 billion, and it cut the bridge financing commitments for the deal from $54.00 billion to $49.00 billion. President and board member Jeffrey Shell left the company effective April 8, 2026, with severance-type payments, and the filing states that the WBD closing remains subject to conditions and regulatory clearances.
Pro Rata Credit Agreement dated April 7, 2026: $2.50 billion three-year Term A-1 loans, $2.50 billion five-year Term A-2 loans and a $5.00 billion five-year revolving facility, available once the WBD acquisition closes.
Bridge commitments for the WBD financing reduced from $54.00 billion to $49.00 billion; $3.50 billion 365-day revolving commitments reduced to $0.00.
Amendment No. 7 raised the existing revolver by $1.50 billion to $5.00 billion, reducing to $4.94 billion in January 2027 with maturity in January 2028.
Jeffrey Shell separated effective April 8, 2026, receiving 12 months of base salary plus target bonus, accelerated RSU vesting and up to 12 months of company-subsidized health and dental coverage.
Paramount Skydance Corporation (NASDAQ: PSKY) signed a merger agreement on February 27, 2026 to acquire Warner Bros. Discovery (WBD), with WBD becoming a wholly owned subsidiary. The filing values WBD at $81 billion in equity value and $110 billion in enterprise value, and the deal is backed by $47 billion of new equity and $54 billion of debt commitments, so it carries large financing and share issuance for Paramount shareholders. The filer is named in the filing as Paramount Skydance Corporation (PSKY), not Skydance Corp (SKYD) as the request stated.
WBD common stockholders would receive $31.00 in cash per share, plus a ticking consideration if closing occurs after September 30, 2026
Paramount plans to issue $47 billion of new Class B shares at $16.02 per share, backed by the Ellison Family and RedBird Capital Partners
The deal is backed by $54 billion of debt commitments from Bank of America, Citigroup, and Apollo
Closing is expected in Q3 2026, subject to regulatory clearances and approval by WBD shareholders
Paramount Skydance reported fourth-quarter 2025 revenue of $8.1 billion, up 2% year over year, but posted a net loss of $573 million, or $0.52 per diluted share, after $546 million of restructuring and transaction-related costs. The company reiterated its 2026 outlook of $30 billion in total revenue and $3.8 billion in adjusted EBITDA, and said its Filmed Entertainment segment did not meet expectations. The letter also restated its proposal to acquire Warner Bros. Discovery, a revised $31 per share all-cash offer that WBD's board said on February 24 could lead to a superior proposal.
Q4 2025 total revenue was $8.1 billion, up 2% from $8.0 billion in Q4 2024.
Net loss was $573 million, or $0.52 per diluted share, versus a net loss of $224 million, or $0.33 per share, in Q4 2024.
Operating loss was $339 million, including $546 million of restructuring and transaction-related costs; adj. OIBDA was $612 million, up 51% year over year.
2026 outlook reiterated at $30 billion in total revenue and $3.8 billion in adj. EBITDA; Q1 2026 revenue is expected at $7.15 billion to $7.35 billion.
Paramount Skydance appointed Dennis Cinelli as Chief Financial Officer effective January 15, 2026, replacing interim CFO Andrew Warren, who will continue as a strategic advisor. Cinelli resigned from the board and Audit Committee, and Andrew Campion joined the board effective January 13, 2026. The CFO role oversees global financial functions, including accounting, tax, and investor relations.
Cinelli starts as CFO on January 15, 2026; Warren ceases to be Interim CFO on that date.
Cinelli's letter agreement provides a base salary of no less than $2.625 million and a target bonus of $1.125 million.
Cinelli is granted 3,750,000 sign-on restricted stock units, vesting quarterly over five years and fully on a change in control.
Campion receives a pro-rated award of 17,433 restricted stock units upon joining the board.
Paramount Skydance reported third-quarter 2025 results, with pro forma revenue flat at $6.7 billion versus Q3 2024. The company reported net losses of $244 million before the August 6 deal close and $13 million after it, and issued a 2026 outlook of $30 billion in total revenue and $3.5 billion in adjusted OIBDA. For shareholders, the filing shows flat sales and losses in the reported periods, alongside higher adjusted OIBDA and a raised cost-savings target.
Pro forma Q3 2025 total revenue was $6.7 billion, flat versus $6.7 billion in Q3 2024.
Adjusted OIBDA was $297 million pre-close and $655 million post-close; the company expects Q4 2025 revenue of $8.1 billion to $8.3 billion and 2026 revenue of $30 billion.
Run-rate efficiency target raised to at least $3 billion from $2 billion, and about 1,000 employees were cut at the end of October.
Paramount Skydance's board appointed Dennis Cinelli as a director on September 12, 2025, and placed him on the Audit Committee. Sherry Lansing left the Audit Committee as of the same date. The filing describes Cinelli as a director nominee of Ellison and says he receives a pro-rated award of 17,989 restricted stock units.
Dennis Cinelli appointed to the Board effective September 12, 2025, and joined the Audit Committee immediately
Sherry Lansing no longer a member of the Audit Committee as of September 12, 2025
Cinelli to receive a Pro-Rated Annual Award of 17,989 restricted stock units under the Director Program
Filing states no related-party transactions exceeding $120,000 involving Cinelli
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