Skydance started trading after Paramount completed its deal to acquire Warner Bros. Discovery, creating a major media company.
- Skydance now oversees major brands including Paramount, Warner Bros., HBO, CBS, and CNN.
- The company plans at least 30 movies and 180 TV shows annually, while moving toward a unified streaming service.
- Laurene Powell Jobs, Bobby Kotick and Tony Blair will also take advisory or board roles.
Skydance (SKYD) is officially taking the Hollywood spotlight. SKYD stock rose more than 1% overnight after Paramount closed its Warner Bros. Discovery acquisition, creating a newly combined media giant with blockbuster entertainment brands, major streaming platforms and a sweeping portfolio of sports and news assets.
Skydance stock edged up more than 1% overnight ahead of Wednesday, after it began trading under the ticker SKYD in the regular session.
Paramount, Warner Bros. Deal Creates Broad Entertainment Portfolio
Skydance now controls a collection of brands spanning Paramount, Warner Bros., HBO, CBS, CNN, Paramount+, HBO Max, Pluto TV and several cable networks. The combined company also holds major sports programming through CBS Sports and TNT Sports.
The company expects the enlarged operation to produce at least 30 theatrical movies annually, alongside more than 180 television programs. Its streaming businesses will eventually move toward a unified direct-to-consumer platform.
“Today is a historic day, not just for Skydance but for our entire industry,” said David Ellison, Chairman and CEO of Skydance.
Skydance Targets Large Cost Savings
Skydance said it expects more than $6 billion in annualized cost savings within three years. The company plans to pursue savings through technology consolidation, procurement, marketing, integration, and property-related expenses. Skydance sees more than $10 billion in free cash flow by 2030 as it balances debt reduction with investments in content and technology.
David Ellison will remain chairman and CEO, while Ynon Kreiz joins the board as co-CEO. Laurene Powell Jobs, founder and president of Emerson Collective, and Bobby Kotick, former Activision CEO, will serve as independent directors.
Former British Prime Minister Tony Blair will advise the board. The new leadership team adds experience in entertainment, technology, finance, philanthropy and global affairs as Skydance grows its business.
SKYD Stock: Retail View
On Stocktwits, retail sentiment around the stock slipped to ‘bullish’ from ‘extremely bullish’ territory.
One long-time Paramount and HBO subscriber said they were excited about the prospect of a single “Skydance streaming app” bringing all the content together. The user described the combined company as a behemoth of a media empire and said David Ellison’s interest in gaming should not be overlooked. They added that it would be interesting to see the final product, given that Ellison has “all the data and resources available to mankind to roll out a phenomenal product.”
Another user said, “The good news is that the support level appears to be $9 for now. Let’s hope that holds and we go up from here. I think this giant is going to move up fast!”
For updates and corrections, email newsroom[at]stocktwits[dot]com.<