Paramount Skydance Corporation announced on Friday, Sept. 25, 2026, that it will transfer the listing of its Class B common stock from the Nasdaq Global Select Market to the New York Stock Exchange (NYSE). The company expects trading on the Nasdaq to conclude at the close of the market on or around Oct. 5, 2026, with trading on the NYSE scheduled to begin at market open the following day.
The decision follows a legal settlement earlier in the week with a California-led group of U.S. states and a Hollywood writers union, which cleared a hurdle for Paramount's pending $110 billion acquisition of Warner Bros. Discovery, Inc. Paramount Skydance also intends to apply to list new warrants on the NYSE, which would trade separately from the common stock.
In coordination with the merger, the company set Oct. 5, 2026, as the record date for a distribution of approximately 470 million warrants to eligible Class B stockholders. Most holders will receive one warrant per share, while the Paramount Global 401(k) Plan and the Paramount Global Master Trust will receive Class B shares instead of warrants. Certain individuals and entities, including Lawrence J. Ellison and RedBird Capital Partners, are excluded from this distribution.
The distribution of 470 million warrants provides eligible investors the right to purchase additional shares at a price between $12.00 and $16.02, based on the stock's performance leading up to the Warner Bros. Discovery merger.
For holders of Class B stock, the warrants represent a financial instrument that expires in 10 years, though the company can trigger an early expiration after three years if the stock price reaches $30.00 for a specific duration. The actual value and utility of these warrants are tied to the completion of the $110 billion Warner Bros. Discovery deal. While the settlement with California and the writers union removed legal hurdles, the company noted that the final timing of the merger remains uncertain due to remaining closing conditions.
If the merger proceeds, stockholders will notice the change in their brokerage accounts when the listing moves on or about Oct. 6, 2026, and when warrants are distributed on or about Oct. 13, 2026. However, Paramount Skydance retains the discretion to cancel or postpone these dates if the merger encounters further delays.