Warner Bros. Discovery (WBD) news that moved the stock

What happened

Paramount Skydance announced Tuesday, Oct 6, it has completed its $110 billion acquisition of Warner Bros. Discovery, forming one of the largest entertainment companies in the world. The combined company becomes Skydance Corporation and its Class B shares begin trading on the NYSE under the ticker SKYD (replacing PSKY on Nasdaq) today. David Ellison remains chairman and CEO; Ynon Kreiz, the former Mattel chairman/CEO, joins as co-CEO to run day-to-day operations and lead integration. The merged entity owns Paramount Pictures, Warner Bros. studios, streaming platforms Paramount+ and HBO Max, networks including CBS, CNN, MTV, TBS, Comedy Central and Food Network, and franchises like the DC Universe, Game of Thrones, Lord of the Rings and Yellowstone. The company carries a projected debt load north of $80 billion and has committed to $6 billion in cost savings within three years.

What happened

U.S. District Judge Araceli Martínez-Olguín entered a consent decree Wednesday (Sep 30) approving the Sept. 21 settlement with a California-led group of 12 states, lifting the no-close order that had blocked Paramount Skydance's $110 billion acquisition of Warner Bros. Discovery. The companies said in a late Wednesday statement that the deal is expected to close October 6, subject to customary closing conditions. The judge called the settlement 'a reasonable factual and legal resolution,' rejecting objectors' bid for a tougher decree. In parallel, the companies settled a separate Writers Guild of America antitrust suit for $17.5 million to the guild's health fund plus WGA staffing-level commitments at CBS News for five years.