Skydance Corporation (NYSE: SKYD), formerly known as Paramount Skydance Corporation, distributed approximately 471 million warrants to certain holders of its Class B common stock following its completion of the acquisition of Warner Bros. Discovery, Inc. on Oct. 6, 2026.

The warrants were distributed on Oct. 13, 2026, to public stockholders of record as of Oct. 5, 2026. Each eligible stockholder received one warrant to purchase one share of Class B common stock for each share held. The warrants began trading on the New York Stock Exchange under the symbol SKYD.WS on Oct. 13, 2026, with an ex-dividend date of Oct. 14, 2026.

The approximately 471 million warrants were issued to holders of roughly 9% of the company's total Class B shares outstanding, which number approximately 5 billion. The NYSE set a reference price adjustment of $0.19368 to the Class B common stock, reducing the share price from approximately $9.27 to approximately $9.07, based on the official closing price of the warrants of $2.20 on Oct. 13, 2026.

According to the company's illustrative valuation table, the total equity value, combining shares outstanding and warrants, remained at approximately $46.6 billion before and after the warrant separation. The warrant value was cited at approximately $1.0 billion based on the $2.20 closing price.