Skydance Completes WBD Acquisition at $31.02 Per Share

What happened

On October 6, 2026, Skydance Corporation completed its acquisition of Warner Bros. Discovery, with the merger sub merging into WBD and each share converted into $31.02 in cash. This outcome resolves the extended strategic process that had included a Netflix all-cash agreement at $27.75 and a Paramount tender and proxy campaign at $30.00. The final price of $31.02 exceeds the prior bull-case scenario of $30.00 and delivers a substantial premium to the pre-deal trading range. With the transaction closed, WBD shares have been canceled and the company exits Nasdaq as a wholly owned subsidiary. The event concludes the event-driven investment thesis with a favorable cash outcome.

Implication

The acquisition's completion at $31.02 per share removes all remaining deal risk and provides a definitive cash exit above the previously modeled bull case of $30.00. Shareholders should expect payment promptly and confirm the exact mechanics through their brokers. There is no longer any reason to hold WBD, as the company is now privately held and the investment thesis is fully realized. The outcome validates the event-driven approach that anticipated a higher bid or improved terms beyond the initial Netflix agreement. Going forward, attention shifts to Skydance's integration plans and the performance of the combined entity, but no further action is required from former WBD shareholders.

Thesis delta

The prior thesis was event-driven, expecting a shareholder vote and regulatory clearance for either the Netflix or Paramount offer, with a base case of $27.75 and a bull case of $30.00. The completion of the Skydance acquisition at $31.02 per share in cash resolves the process at a price above the bull case, fully validating the thesis. The investment is now concluded, and there is no ongoing WBD exposure.