Paramount closes Warner Bros deal as Skydance and plans a single streamer

Paramount has finalized its purchase of Warner Bros. Discovery, renaming the combined entity Skydance. The company now trades on the New York Stock Exchange under the ticker SKYD, with Warner Bros. Discovery shareholders receiving approximately $31.02 per share in cash. Skydance now controls two major film studios, including Paramount Pictures. However, shares of the newly formed media conglomerate tumbled 8% one day after its market debut, following the official close of the merger on Tuesday.