Paramount Skydance to Move to NYSE, Issue 470 Million Warrants

Paramount Skydance has set out plans to move its stock market listing from Nasdaq to the New York Stock Exchange and to hand shareholders roughly 470 million warrants, in steps tied to the completion of its proposed merger with Warner Bros. Discovery. The measures were disclosed in a filing with the US Securities and Exchange Commission on 25 September.

According to the filing, the company’s Class B common stock is expected to stop trading on Nasdaq on or about 5 October and begin trading on the NYSE on or about 6 October. The warrant distribution carries a record date of 5 October, with issuance expected on or about 13 October.

How the warrants work

Warrants give holders the right to buy shares at a fixed price for a set period. Paramount Skydance plans to issue about 470 million of them, with exercise prices ranging from $12.00 to $16.02. The warrants will have a 10-year term. After the third year, the company will have the right to redeem them early if its share price reaches $30.

For existing shareholders, warrants of this kind offer a way to share in any future upside of the combined company without putting in fresh capital immediately. For the company, they represent a potential source of equity capital over time if holders choose to exercise them, though they also carry the prospect of dilution if the share price rises well above the exercise prices.

Crucially, the filing makes the listing switch and warrant distribution conditional on the completion of the Warner Bros. Discovery transaction. The company cautioned in the filing that the timing of that merger “is not yet certain.”

The deal behind the moves

Paramount Skydance, formed after David Ellison’s Skydance Media combined with Paramount Global, agreed in February 2026 to acquire Warner Bros. Discovery. The deal was announced at $31 per share in cash, valuing the transaction at about $110.9 billion, according to publicly available summaries of the agreement. It would be the largest media merger in years, bringing together Paramount’s film studio, CBS television network and streaming assets with Warner Bros.’ studios, HBO and a vast library of film and television content.

The transaction has faced legal challenges. Reports in recent days have indicated that some of the litigation has been settled, but the full regulatory and legal picture remains unclear, and the company’s own filing stops short of giving a closing date. Investors should treat the timing as uncertain until the company confirms that all conditions have been met.

Why switch exchanges?

Companies move between the NYSE and Nasdaq for a mix of practical and symbolic reasons. The NYSE has traditionally been home to large media and industrial groups, and its trading model, which uses designated market makers, is often pitched as offering stability for large, complex companies. Nasdaq is historically associated with technology and growth stocks.

For a combined Paramount–Warner Bros. group with a large shareholder base and a mix of legacy and streaming assets, a switch to the NYSE may be intended to signal a fresh start as a scaled media company. The exchange move itself has no direct effect on the company’s value, but the timing, linked to the merger, marks the planned debut of a much larger enterprise.

Why it matters for investors

The immediate significance lies in the warrants. Shareholders on the register at the record date will receive a security that could have meaningful value if the combined company performs well over the next decade. Analysts will need to account for the potential dilution when valuing the shares.

More broadly, the moves suggest that Paramount Skydance is preparing operationally for the merger to close, even as the timeline remains uncertain. For Warner Bros. Discovery shareholders, the cash offer provides a clear price. For Paramount Skydance holders, the bet is on whether the combined company can extract cost savings, strengthen streaming economics and compete with larger rivals such as Netflix, Disney and Amazon.

The India angle

Both Paramount and Warner Bros. have substantial content and distribution relationships in India, where streaming competition is intense and global studios license films and series to local platforms. A combined group would control one of the largest libraries of Hollywood content, which could change its bargaining power in licensing deals with Indian broadcasters and streaming services. The details will depend on how the merged company structures its international operations.

What happens next

The key dates are 5 October, when Nasdaq trading is expected to end and the warrant record date falls, and 6 October, when NYSE trading is expected to begin, followed by warrant issuance around 13 October. All of these depend on the merger closing. Investors should watch for a formal announcement confirming completion of the Warner Bros. Discovery deal, which would trigger the sequence.