Skydance Corporation Registers Class B Common Stock Purchase Warrants on NYSE

Overview of Filing

On October 9, 2026, Skydance Corporation filed Form 8-A12B with the SEC to register a class of securities under Section 12(b) of the Securities Exchange Act of 1934 for trading on the New York Stock Exchange (NYSE) under the ticker symbol SKYD WS.

Key Terms of the Registered Warrants

• Security Description: Warrants to Purchase Class B Common Stock, par value $0.001 per share.
• Distribution Mechanism: Warrants are to be distributed as a special dividend to registered holders of Class B Common Stock as of the Record Date of October 5, 2026, on or about the Issue Date of October 13, 2026.
• Distribution Ratio: 1 Warrant for each eligible share of Class B Common Stock held. Fractional warrants will be rounded down.
• Exercise Price: Initial cash exercise price of $12.00 per share of Class B Common Stock.
• Settlement Method: Physical settlement (delivery of Class B Common Stock upon cash payment of $12.00) when an effective registration statement is available; net share settlement applies otherwise.
• Expiration Date: Earlier of:
  1. The 10-year anniversary of issuance (expected October 13, 2036).
  2. An Early Expiration Date if the Early Expiration Price Condition is triggered.
• Early Expiration Condition: Beginning three years after issuance, if the Class B Common Stock closing sale price reaches or exceeds $30.00 for at least 20 trading days out of any 30-consecutive-trading-day window, the company may designate an early expiration date upon 20 to 45 scheduled trading days' notice.
• Excluded Holders: Warrants will not be distributed to or exercisable by specified insiders and related entities (including Lawrence J. Ellison, David F. Ellison, Gerald J. Cardinale, The Lawrence J. Ellison Revocable Trust, RedBird Capital Partners Fund IV (Master), L.P., and their affiliates/transferees), nor the Paramount Global 401(k) Plan or Master Trust.

Market Impact & Strategic Context

The warrant distribution follows corporate structuring related to the company's merger agreement to acquire Warner Bros. Discovery, Inc. and associated equity syndication negotiations. The introduction of publicly traded warrants provides existing eligible public Class B shareholders additional equity upside participation at an initial exercise premium.