Recent Updates — WBD

On October 6, 2026, Skydance Corporation completed its previously announced merger with Warner Bros. Discovery, making WBD a wholly owned subsidiary. Each share of WBD common stock was canceled and converted into the right to receive $31.0167 in cash, including ticking consideration. The aggregate transaction value is approximately $78 billion, funded by equity and debt financing. Following the merger, WBD's directors and officers ceased their roles, with key executives separating from employment. WBD Common Stock was delisted from Nasdaq, and the company intends to file Form 15 to terminate its SEC reporting obligations. The media and entertainment conglomerate produces and distributes content globally.

Warner Bros. Discovery reported second-quarter 2026 results on August 6, 2026, showing total revenues of $8.7 billion, an 11% decline from the prior year period. Net income attributable to shareholders fell 91% to $149 million, while Adjusted EBITDA decreased 4% to $1.9 billion. The company generated $572 million in free cash flow and ended the quarter with $3.4 billion in net debt and a leverage ratio of 3.4x. During the quarter, Warner Bros. Discovery fully repaid its $15 billion bridge loan facility by issuing a $13 billion Term Loan B and a €1.7 billion Term Loan B. The filing also discusses the ongoing proposed merger with Paramount Skydance Corporation. Warner Bros. Discovery operates in the global media and entertainment industry, creating and distributing content across television, film, streaming, and gaming platforms.