Paramount to Move Stock Listing to NYSE in Early October
Paramount will shift its Class B shares from Nasdaq to the NYSE on October 6, citing its pending $110 billion merger with Warner Bros. Discovery.
Paramount is moving its Class B common stock listing from Nasdaq to the New York Stock Exchange, with trading on Nasdaq set to end at the close of market on October 5 and begin on the NYSE on October 6, the company said. The board authorized the move on Friday.
The company cited its pending $110 billion merger with Warner Bros. Discovery as a key variable in the timing. CEO David Ellison told employees the merger was tentatively on track to close about two weeks after legal settlements with state attorneys general and the Writers Guild of America.
A federal judge is scheduled to hold a hearing on Monday to review the settlement. Federal regulators have already approved the transaction, and Paramount is not required to sell assets or make structural changes as part of the takeover.
Paramount has agreed to pay Warner Bros. Discovery shareholders a $7 million per day ticking fee if the deal is not closed by October 1. The consent decree governing Paramount's commitments lasts five years.
Paramount also expects to distribute warrants to purchase Class B shares on October 13, depending on the merger closing, according to Deadline.
Quick answers
When will Paramount move to the NYSE?
Nasdaq trading ends at the close on October 5, and NYSE trading begins on October 6.
Why is Paramount moving its listing?
The company cited its pending $110 billion merger with Warner Bros. Discovery as a key variable in the timing.
What is the ticking fee in the Paramount-Warner Bros. Discovery deal?
Paramount has agreed to pay Warner Bros. Discovery shareholders $7 million per day if the deal is not closed by October 1.