Paramount Skydance to Move Class B Stock From Nasdaq to NYSE
Paramount Skydance will delist Class B common stock from Nasdaq and begin trading on the NYSE in October, ahead of its $111 billion merger with Warner Bros. Discovery.
Paramount Skydance is shifting the listing of its Class B common stock from Nasdaq to the New York Stock Exchange, the company said. The board determined on Sept. 25 to voluntarily withdraw the listing from Nasdaq.
Trading on Nasdaq is expected to end at market close on or about Oct. 5, with NYSE trading set to begin at market open on or about Oct. 6.
The move comes as Paramount Skydance pursues a $111 billion agreement to merge with Warner Bros. Discovery. Paramount has set a record date of Oct. 5 for its distribution of warrants tied to the WBD merger, expecting to issue approximately 470 million warrants. Each warrant would initially entitle the holder to purchase one share of Class B common stock at an exercise price capped at $16.02 and floored at $12.00 per share.
Paramount also reached a settlement with 12 Democratic state attorneys general over their antitrust lawsuit to block the deal. The judge in the case is reviewing the proposed settlement and requested a response by Monday, Sept. 28 regarding Sen. Cory Booker's request for an independent review.
The company said the ultimate timing for closing the WBD merger, if any, is not yet certain. Variety reported the listing change and warrant details.
Quick answers
When will Paramount Skydance Class B stock start trading on the NYSE?
Paramount expects NYSE trading to begin at market open on or about Oct. 6, after Nasdaq trading ends at market close on or about Oct. 5.
Why is Paramount Skydance moving its stock listing?
The company said its board determined on Sept. 25 to voluntarily withdraw the Class B common stock listing from Nasdaq. The move comes as Paramount Skydance pursues a $111 billion merger agreement with Warner Bros. Discovery.
What are the terms of the warrants tied to the Warner Bros. Discovery merger?
Paramount expects to issue approximately 470 million warrants on Oct. 5. Each warrant would initially entitle the holder to purchase one share of Class B common stock at an exercise price capped at $16.02 and floored at $12.00 per share.