Warner Bros. Discovery, Inc. is a global media and entertainment company operating through three segments: Streaming, Studios, and Global Linear Networks. The Streaming segment offers services such as HBO Max and discovery+, along with premium pay-TV services including HBO and certain premium sports streaming products for mobile and connected TV devices. The Studios segment produces and releases feature films for theatrical exhibition, produces and licenses television programs to third parties and its own networks and streaming services, and distributes films and TV programs across third-party and internal television, streaming, and home entertainment markets. It also handles consumer products and themed experience licensing, and publishes, develops, licenses, and distributes interactive content for console, handheld, mobile, and PC gaming. The Global Linear Networks segment provides general and lifestyle entertainment networks, news networks, and hosts international media and global sports networks. The company offers content and products under brands including Discovery Channel, HBO Max, CNN, DC Studios, TNT Sports, HBO, Food Network, TLC, TBS, Warner Bros. Motion Picture Group, Warner Bros. Television Group, Warner Bros. Games, Adult Swim, and Turner Classic Movies. Warner Bros. Discovery, Inc. was incorporated in 2008 and is headquartered in New York, New York.
Paramount's $110B takeover of WBD closes; WBD shares retired at $31
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Deal closes: WBD holders get $31 cash per share A federal judge approved the settlement with 12 states, clearing the last legal block, and the $110 billion merger closed on October 6. WBD shareholders receive $31 in cash per share plus a small daily top-up, so the shares are cashed out at the agreed price.
This is the single event that determines what WBD shareholders actually get, and it is new this period.
WBD dropped from Nasdaq 100 and other indexes Nasdaq said WBD will leave the Nasdaq 100 on October 9, and MSCI and S&P are also removing it, because the company is being absorbed. Index funds that tracked WBD must sell, but this is a mechanical side-effect of the deal closing, not a change in what shareholders receive.
It is a real new force on the shares in the final days, even though it is a consequence of the takeover.
New company Skydance carries about $80B debt The combined Skydance starts with roughly $80 billion of debt, and Fitch downgraded Paramount's credit rating, citing higher leverage and integration risk. WBD bonds were exchanged into new Skydance notes with higher interest rates. This matters for the merged company's future, not for the $31 cash WBD holders receive.
It is the main counterweight in the period and explains why the story is not purely clean for the combined business.
Walmart Connect ad partnership adds demand Walmart expanded its advertising unit to live TV and streaming, naming Warner Bros. Discovery as a partner so advertisers can use Walmart shopper data on WBD's platforms. It is a small new source of ad demand, but it arrives just as WBD is being absorbed into Skydance.
It is the only genuinely new operating (non-deal) item this period that could affect WBD's business.
Disney Unveils Infinity Vision Large-Format Cinema Standard to Rival IMAX
Walt Disney has introduced a new large-format cinema standard called Infinity Vision as an alternative to IMAX screens. The entertainment group is pitching Infinity Vision to external studios, including Paramount, Universal, Lionsgate and Sony, for future blockbuster releases. Disney plans to position Infinity Vision as a premium big-screen option for theaters that currently program IMAX and similar formats. The move points to a broader rethink of how blockbuster films reach audiences and fits into Disney's strategy of stretching franchises such as Toy Story, which has generated over US$4b in box office, more than 2 billion streaming hours and over US$1b in annual global retail sales, across Experiences, streaming and now branded premium formats in theaters. A proprietary format competing with IMAX and similar offerings from rivals like Warner Bros. Discovery adds execution complexity and capital needs.
DIS · Competition · Positive Disney launches Infinity Vision large-format standard to rival IMAX and pitches it to external studios, expanding its premium-format strategy.
IMAX · Competition · Negative Disney's Infinity Vision is positioned as an alternative to IMAX screens, directly threatening IMAX's large-format dominance.
WBD · Competition · Negative Mentioned as a rival with similar large-format offerings that Disney's Infinity Vision competes against.
Mattel Unveils First DC Product Under Licensing Deal at New York Comic Con
Mattel and Warner Bros. Discovery Global Consumer Products unveiled the DC Premium Batman: Hush Rooftop Bat-Signal Diorama Set at DC's booth at New York Comic Con, the first product reveal from their previously announced global, multi-year licensing agreement for DC's character library. The set is available now for pre-order for $100 on Mattel Creations. Inspired by the Batman: Hush story arc written by Jeph Loeb with art by Jim Lee, the set includes a highly detailed Batman: Hush figure with 34 points of articulation, an oversized wired cape, interchangeable hands, a comic-inspired Gotham City rooftop diorama with a removable gargoyle and a working water-based fog effect, and a functional Bat-Signal that projects onto nearby surfaces. Nick Karamanos, General Manager and Head of Entertainment Partnerships, Action Figures and Preschool Entertainment at Mattel, said the company is proud to bring DC back to Mattel. On Jan. 1, 2027, Mattel will host a live-stream event on Mattel Creations to showcase the full Spring 2027 DC Action Figures collection, with more information to be released at a later date.
MAT · Demand · Positive Mattel unveils its first DC product under the multi-year licensing deal, with pre-orders now open, signaling new product demand.
WBD · Demand · Positive Warner Bros. Discovery's DC character library is being commercialized through the new Mattel licensing deal, expanding consumer product reach.
Skydance Debuts on NYSE Under Ticker SKYD After Paramount-Warner Bros. Discovery Merger
Skydance began trading on the New York Stock Exchange this past Tuesday under the ticker symbol SKYD, following the combination of Paramount and Warner Bros. Discovery. Chairman and CEO David Ellison called the merger a "historic" moment for the entire industry, saying the company's mission is to build the next-generation global media and entertainment company powered by creativity and technology. The debut was marked by Skydance Corporation ringing the NYSE Opening Bell, while Ternium celebrated the 20th anniversary of its NYSE listing with the Closing Bell. Separately, New York Comic Con 2026, the 20th anniversary of the event, kicks off today at the Javits Center in New York City, organized by RX, the exhibitions division of RELX, with RX CEO Hugh Jones joining NYSE Live. In early trading, both the 10-year and 30-year U.S. Treasury notes hit their highest levels since 2002, and ICE Brent Crude was trading at about $105 at 8 a.m. ET after President Trump said he doesn't want to make a deal with Iran, while Wednesday's Fed Minutes revealed most policymakers expect one more rate hike this year.
PSKY · Capital · Positive Paramount combined with Warner Bros. Discovery and the merged entity began trading on NYSE under SKYD, a major corporate combination.
SKYD · Capital · Positive Skydance debuted on the NYSE under ticker SKYD after completing its merger with Paramount and Warner Bros. Discovery.
WBD · Capital · Positive Warner Bros. Discovery was combined into the new Skydance entity following the merger.
Skydance Corporation completed its acquisition of Warner Bros. Discovery on October 6, creating a combined media group spanning HBO, CBS, CNN, Paramount+, HBO Max, and major Hollywood franchises. The combined businesses generated roughly $65 billion of revenue over the previous year and counted more than 200 million direct-to-consumer subscribers. The deal required more than $50 billion in borrowing, leaving the company with about $80 billion of debt, and S&P estimated leverage could initially reach 7.6 times and remain elevated through 2027. Management is targeting at least $6 billion of run-rate synergies within three years, net leverage of 3.75 times in 2028 and 3.0 times in 2029, mid-single-digit revenue growth through 2030, an adjusted EBITDA margin in the mid-20% range, and more than $10 billion of free cash flow by 2030. A settlement with states that challenged the merger also requires at least 30 theatrical releases annually for the first two years and 32 annually for the following three years, plus at least $1.5 billion in additional U.S. production spending over five years, limiting how aggressively management can cut costs toward the $6 billion target.
SKYD · Capital · Neutral Skydance completed its $110B acquisition of Warner Bros. Discovery, requiring over $50B in borrowing and leaving ~$80B debt with elevated leverage.
PSKY · Capital · Neutral Paramount Skydance is the acquirer completing the $110B Warner Bros. deal, taking on ~$80B debt and 7.6x leverage, a mixed capital event.
WBD · Capital · Neutral Warner Bros. Discovery is being acquired by Skydance, ending its standalone status while its assets are folded into the combined group.
Moderna to Join Nasdaq-100, Replacing Warner Bros. Discovery
Moderna will join the Nasdaq-100 Index on Oct. 9, replacing Warner Bros. Discovery before the opening bell on Friday. The swap follows the completion of Paramount's acquisition of Warner Bros. Discovery, whose shares have ceased trading; the combined entity is now named Skydance and trades on the NYSE under the ticker SKYD. Nasdaq did not cite a specific reason for adding Moderna, but the inclusion follows a sharp rise in the company's market value and growing optimism around its prospects, supported by positive phase III results for its personalized cancer therapy developed with Merck, which met its primary endpoint of recurrence-free survival and a key secondary endpoint of distant metastasis-free survival in certain high-risk melanoma patients. The Nasdaq-100 is tracked by more than 200 investment products with over $800 billion in assets under management globally, so index funds adjusting their portfolios could create incremental institutional demand for Moderna shares. The inclusion does not change Moderna's underlying fundamentals, operations, cash flow or pipeline development, and the stock's longer-term performance will continue to depend on its business and pipeline. Moderna shares have skyrocketed 566% year-to-date, far outpacing the industry's 1% growth, and the stock trades at 30.84 times forward 12-month sales on a price-to-sales basis versus an industry average of 2.06 times.
Biotech & Genomic Medicine › mRNA Platforms ▲Capital
Biotech & Genomic Medicine › RNA Therapeutics ▲Capital
Biotech & Genomic Medicine › Oncology Therapeutics ▲Capital
MRNA · Capital · Positive Moderna will join the Nasdaq-100 on Oct. 9, and index funds tracking the index could create incremental institutional demand for its shares.
WBD · Capital · Neutral Warner Bros. Discovery is being removed from the Nasdaq-100 after Paramount completed its acquisition and its shares ceased trading.
Ellison family invests ~$17B in Paramount Skydance's $110B Warner Bros. Discovery deal
David Ellison and his family invested approximately $17B to complete Paramount Skydance Corp.'s acquisition of Warner Bros. Discovery Inc., according to media reports citing public filings. Ellison, the son of Oracle co-founder Larry Ellison, and his family acquired an estimated 1.4B shares in a stock offering, with investors paying $12 a share. The transaction included $47B of new equity investment in Class B Common Stock, led by the Ellison Family, RedBird, Public Investment Fund, L'IMAD, Qatar Investment Authority, and LionTree. Shares of Skydance retreated almost 7% on Wednesday as investors weighed the completed Warner Bros. Discovery combination, ending at $8.89, down $0.64 from the prior close.
SKYD · Capital · Neutral Ellison family invested ~$17B to complete the Warner Bros. Discovery acquisition, but Skydance shares fell ~7% as investors weighed the completed combination.
WBD · Capital · Positive Paramount Skydance completed its $110B acquisition of Warner Bros. Discovery, with $47B of new equity invested in the deal.
SpaceX Seeks $40B Apollo-Led Financing for Nvidia Chips
SpaceX is reportedly seeking about $40B to finance a major Nvidia chip purchase, with Apollo Global Management expected to lead the financing. The package could include roughly $10B of bank loans and $30B of investment-grade debt, the Financial Times reported, adding another large financing commitment to the AI infrastructure buildout. Separately, David Ellison said technology will be central to Skydance's strategy following the completion of its $110B acquisition of Warner Bros. Discovery, noting in a memo obtained by Business Insider that technology is changing how content is created, distributed, and consumed. Constellation Energy jumped 12.2% Tuesday after announcing a 20-year power purchase agreement with Google tied to 890 MW of additional nuclear generation, lifting Talen Energy, Vistra, and NRG Energy by 12.4%, 10.7%, and 7%, respectively, while the State Street Utilities Select Sector SPDR rose 3%. Chevron agreed to sell interests in Hess Midstream and its DJ Basin crude midstream assets as it restructures related contracts, with revised Bakken agreements expected to cut midstream costs for its Bakken operations by roughly half. Ray Dalio warned the AI investment cycle is approaching a point where rising interest rates and heavy borrowing could trigger a reversal.
Energy Transition & Power Demand › Nuclear Generation & Utilities ▲Capital
Artificial Intelligence › AI Compute & Accelerator Silicon ▲Capital
Artificial Intelligence › AI Data Center & Build-out ▲Capital
SPCX · Capital · Positive SpaceX is seeking about $40B in Apollo-led financing to fund a major Nvidia chip purchase.
APO · Capital · Positive Apollo is expected to lead the ~$40B financing package for SpaceX's Nvidia chip purchase.
SKYD · Technology · Neutral David Ellison said technology will be central to Skydance's strategy after its $110B Warner Bros. Discovery acquisition, but no concrete product or financial development was specified.
CEG · Demand · Positive Constellation jumped 12.2% after signing a 20-year power purchase agreement with Google tied to 890 MW of additional nuclear generation.
NVDA · Demand · Positive SpaceX is seeking ~$40B to finance a major Nvidia chip purchase, a concrete order for Nvidia's products.
TLN · Demand · Positive Constellation Energy jumped 12.2% after signing a 20-year power purchase agreement with Google tied to 890 MW of additional nuclear generation.
Paramount Skydance closes deal to acquire Warner Bros. Discovery
Paramount Skydance announced on Tuesday, October 6, that it had completed its acquisition of Warner Bros. Discovery, creating a giant company under the name Skydance that brings together two century-old Hollywood studios, two global streaming services, and two major American news organizations under one roof. Meanwhile, Anthropic announced it is expanding a special program that allows vetted cybersecurity experts to access and test the company's most powerful artificial intelligence models under relaxed safeguards on the models themselves, after its Project Glasswing collaboration helped detect more than 100,000 software vulnerabilities worldwide this year. Separately, Nippon Group Holdings, a major Japanese books and publishing group, acknowledged that one of its affiliates sold a large number of books to Anthropic, the American artificial intelligence developer, amid concerns in Japan's publishing industry that the books may have had their spines cut off so they could be scanned into digital data for training AI models and may be destroyed afterward. In Japan as well, the Japan Fair Trade Commission raided four major beer makers that together hold more than 90% of the market today, October 7, on suspicion of colluding to set wholesale beer prices, which would violate antitrust law.
PSKY · Capital · Positive Paramount Skydance completed its acquisition of Warner Bros. Discovery, creating a combined studio/streaming/news giant.
WBD · Capital · Positive Warner Bros. Discovery was acquired by Paramount Skydance, closing the deal to combine the two studios.
Nippan Group Holdings · Regulation · Negative Its affiliate sold large numbers of books to Anthropic amid industry concerns the books were cut up and destroyed for AI training.
Walmart Expands Walmart Connect to Live TV, Streaming Audio and CTV
Walmart is expanding its Walmart Connect advertising unit so that advertisers can use its shopper data across live TV, streaming audio and connected TV. The retailer is partnering with Warner Bros. Discovery, Spotify and Yahoo to extend commerce media campaigns beyond its own properties, letting marketers programmatically activate Walmart shopper audiences and measure performance across those third party media platforms. Walmart Connect's advertising business is already framed as a roughly 70% margin business with incremental profit, and the company is trying to turn its shopper data and physical footprint into a media network that reaches far beyond its own apps and website. The clearest early signal for investors will be whether management breaks out more detail on Walmart Connect, such as ad revenue growth or advertiser count linked to the new partners, in upcoming quarterly updates.
WMT · Demand · Positive Walmart expands its high-margin Walmart Connect ad unit to live TV, streaming audio and CTV via new partners, broadening its advertising business.
SPOT · Demand · Positive Spotify is named as a partner letting Walmart advertisers activate shopper audiences on its streaming audio platform, expanding ad demand.
WBD · Demand · Positive Warner Bros. Discovery is named as a partner for Walmart Connect's live TV/CTV ad expansion, bringing incremental advertising demand.
Paramount Skydance closes $110 billion takeover of Warner Bros. Discovery
Paramount Skydance completed its acquisition of Warner Bros. Discovery for $110 billion on Tuesday, October 6, preparing to launch a Hollywood entertainment giant under the Skydance name spanning film, studios, streaming and television. The deal combines legendary film studios behind franchises such as Mission: Impossible, Harry Potter and DC Studios with major television networks and streaming services including CBS, CNN, Paramount+ and HBO Max. David Ellison, CEO of Paramount Skydance, said the merger paves the way for building a media and entertainment company of the future driven by creativity and technology. After the merger, Skydance plans to combine HBO Max and Paramount+ into a single platform, and has pledged to produce at least 30 films a year in the first two years, rising to 32 films a year over the following three years. The new company is expected to carry total debt of about $80 billion, with Ellison pledging to spend at least $30 billion a year on content. Analysts at MoffettNathanson forecast earnings before interest, taxes, depreciation and amortization of $16 billion in 2028, rising to $19 billion in 2030. Revenue is expected to be about $67 billion in 2028 and rise to roughly $70 billion in 2030.
Skydance Restructures WBD Debt After Completing Acquisition
Skydance said nearly all bondholders participated in its debt tender and exchange offers following the company's completion of its acquisition of Warner Bros. Discovery. About 98.83% of the aggregate principal amount of notes covered by the cash tender offers was validly tendered, while 99.15% of the notes included in the exchange offers were tendered. Under the exchange offers, eligible holders received newly issued Skydance notes in exchange for their existing WBD notes, and notes accepted in the tender and exchange offers will be retired and cancelled. Some exchanged WBD notes carry significantly higher coupons under Skydance: WBD's 4.125% notes due 2029 were exchanged for 6.25% Skydance notes, while its 4.054% notes due 2029 were exchanged for 6.304% Skydance notes. The offers were made in connection with Skydance's acquisition of WBD, which closed on October 6, with settlement expected on October 9. Separately, Fitch downgraded Paramount's credit ratings as the Warner Bros. Discovery acquisition closed, citing materially higher leverage, integration and execution risks, and uncertainty around achieving the targeted $6B of cost savings.
PSKY · Capital · Negative Fitch downgraded Paramount's credit ratings on materially higher leverage, integration/execution risks, and uncertainty over $6B cost savings after the WBD acquisition closed.
SKYD · Capital · Neutral Skydance completed its WBD acquisition and restructured the acquired debt via tender and exchange offers, issuing new higher-coupon notes.
WBD · Capital · Neutral WBD notes were tendered/exchanged into new Skydance notes with higher coupons and retired as Skydance completed its acquisition of WBD.
Tony Blair Named Advisor to Skydance After $110bn Paramount-Warner Bros Megadeal
Sir Tony Blair has been appointed as an advisor to the board of Skydance, the newly formed $110bn (£82bn) Hollywood giant controlled by Larry Ellison's family, following the completion of its blockbuster merger between Paramount and Warner Bros Discovery. The rebranded company will control an entertainment empire spanning streaming app HBO, the Harry Potter franchise, and US news channels including CNN and CBS, and will be led by David Ellison, Skydance's chief executive and chairman. David Ellison said Blair's global perspective and insight would be invaluable as the company turns ambition into results. Blair was named alongside Silicon Valley figures appointed to the new board, including Laurene Powell Jobs, the wife of the late Steve Jobs, and Bobby Kotick, the former Activision boss. The deal was confirmed on Tuesday after a California judge last month approved a settlement between Paramount and a dozen US states that had threatened to block it on competition grounds, and it leaves the new media giant nursing an $80bn (£60bn) debt pile while significant layoffs and cuts are expected.
Skydance Names Board for Paramount-Warner Bros. Discovery Combination, Adds Laurene Powell Jobs, Bobby Kotick and Tony Blair
Skydance Corporation announced the director and advisor designees for the newly combined company formed through Paramount's merger with Warner Bros. Discovery, effective immediately. David Ellison will chair the Board and continue as Skydance's Chairman and Chief Executive Officer, and the Board will include all current members of Paramount's Board plus three new additions: Ynon Kreiz, Co-Chief Executive Officer of Skydance; Laurene Powell Jobs, founder and president of Emerson Collective; and Bobby Kotick, founder and former Chief Executive Officer of Activision. Powell Jobs and Kotick will join as Independent Directors, while former UK Prime Minister Tony Blair will serve as a Board Advisor in a personal capacity and is Executive Chairman of the Tony Blair Institute for Global Change. Kotick served as CEO of Activision for 32 years, a tenure that culminated in the sale of Activision Blizzard to Microsoft for $68.7 billion, the largest transaction in the history of the video game industry. Skydance, which trades on the NYSE under the symbol SKYD, is composed of three business segments — Studios, Direct-to-Consumer, and TV Media — and its portfolio unites brands including Paramount, Warner Bros., HBO, Paramount+, Pluto TV, CBS, CNN, CBS Sports, TNT Sports, Nickelodeon, Cartoon Network, MTV, Food Network, BET, HGTV, and Comedy Central.
SKYD · · Neutral Skydance announces the board and advisors for its post-merger combination, a governance/leadership event with no clear financial or operational driver.
PSKY · · Neutral Paramount's board is folded into the combined company's board, but no standalone financial or operational impact on Paramount is stated.
WBD · · Neutral Warner Bros. Discovery is merged into the new entity and its board composition is set, with no separate value driver described.
Paramount's deal with Warner Bros. Discovery has finally closed, with the combined Paramount Warner Brothers Discovery Skydance merged entity to be called simply Skydance. Paramount shares rose roughly 3% on the news, while Ynon Kreiz of Mattel will serve as co-CEO alongside David Ellison, raising questions about how the two will split responsibilities. Elsewhere, AMD CEO Lisa Su said at a conference that demand for chips remains strong, Moderna and other pharmaceutical stocks climbed, and Banco Bradesco, the second largest bank in Brazil, jumped on rising election odds for Bolsonaro.
Paramount Skydance and Warner Bros. Discovery close $110 billion merger
The $110 billion merger of Paramount Skydance and Warner Bros. Discovery is scheduled to close on Tuesday after Supreme Court Justice Elena Kagan denied a last-minute effort to halt the deal. The new company, known as Skydance, brings HBO Max and Paramount+ under one umbrella, roughly seven months after Paramount won a long bidding war for Warner Bros. over Netflix. Last February, Warner Bros.' board of directors deemed Paramount Skydance's $31-per-share proposal for the entire company superior to Netflix's offer. David Ellison will serve as co-CEO of Skydance alongside former Mattel CEO Ynon Kreiz, while Warner Bros. Discovery CEO David Zaslav will receive roughly $886.8 million. Weeks ago, Paramount reached a settlement with a dozen states, including California, which had sought to block the company's $111 billion acquisition of Warner Bros. on antitrust grounds; under the agreement, the combined company would pay $30 million for each movie short of releasing at least 30 films in theaters annually and could be forced to sell its 49% stake in Miramax if it misses the target.
PSKY · Capital · Positive Paramount Skydance closes its $110B acquisition of Warner Bros. Discovery after the Supreme Court denied a last-minute halt.
WBD · Capital · Positive Warner Bros. Discovery is acquired by Paramount Skydance in the $110B merger, with CEO Zaslav receiving ~$886.8M.
Miramax · Regulation · Neutral Settlement terms could force the combined company to sell its 49% Miramax stake if it misses the 30-films-a-year theatrical target.
Skydance Announces Leadership Team, CNN and CBS Chiefs to Stay On
Paramount Skydance, the major US media company, announced on the 5th the leadership team of Skydance, the new company that will be formed once its acquisition of Warner Bros. Discovery is completed. According to the announcement, Mark Thompson, chief executive officer of CNN, the news network under WBD, will stay on as chairman and editor-in-chief of CNN. Bari Weiss, editor-in-chief of CBS News, which is under Paramount, will also remain in her current role. Both Thompson and Weiss will report directly to chairman and CEO David Ellison and co-CEO Jon Klaise. As a result, CNN and CBS are expected to each maintain independent editorial structures, easing concerns that Weiss of CBS would take control of all news divisions at the new company. In a memo to staff obtained by Reuters, Thompson said he would lead CNN as an independent editor-in-chief with the same responsibilities and authority as now. Andy Gordon, chief operating officer of Paramount, will become president of the new company.
PSKY · Capital · Neutral Paramount Skydance announced the leadership team for the new company post-WBD acquisition, with CBS News chief Bari Weiss staying on and reporting to Ellison/Klaise.
WBD · Capital · Neutral The leadership announcement concerns the company to be formed once Paramount Skydance's acquisition of Warner Bros. Discovery completes, with CNN's Mark Thompson staying on.
CBS · Capital · Positive CBS News editor-in-chief Bari Weiss will remain in her role, and CBS is expected to maintain an independent editorial structure.
CNN · Capital · Positive CNN CEO Mark Thompson will stay on as chairman and editor-in-chief, keeping CNN's independent editorial structure under the new company.
Ellison and Kreiz Unveil CEO Leadership Team for Skydance Ahead of Warner Bros. Discovery Deal Close
Paramount Skydance Corporation Chairman and CEO David Ellison and Co-CEO Ynon Kreiz announced the CEO Leadership Team expected to lead the combined company, to be named Skydance, following the anticipated close of Paramount's acquisition of Warner Bros. Discovery. The team draws leaders from both companies and each member will report directly to the CEOs. Ellison will focus on long-term strategy, creative vision and direction, including talent relationships, strategic partnerships, technology and capital allocation, while Kreiz will focus on day-to-day management and integration of the combined business. Andy Gordon, President of Skydance, will work closely with both, and all three will serve on the Board of Directors, with Ellison as Chairman. The corporate leadership team includes Dennis Cinelli as Chief Financial Officer, Makan Delrahim as Chief Legal Officer and President of Global Corporate Affairs, Dane Glasgow as Chief Product Officer, Rebecca Mall as Chief Marketing Officer and Melissa Zukerman as Chief Communications Officer. The business leadership team includes Casey Bloys and George Cheeks as Co-Chairs and Chief Content Officers of Skydance DTC and Skydance TV respectively, Dana Goldberg and Josh Greenstein as Co-Chairs of the Skydance Motion Picture Group, James Gunn and Peter Safran as Co-Chairmen of DC Studios, and JB Perrette as Co-Chair and Chief Business Officer of both Skydance TV and Skydance DTC. Mark Thompson will serve as Chairman and Editor-in-Chief of CNN Worldwide and Bari Weiss as Editor-in-Chief of CBS News. A complete list of the Company's new Executive Leadership Team will be issued soon after close.
PSKY · · Neutral Announces CEO leadership team for the combined Skydance entity ahead of the Warner Bros. Discovery deal close; no financial or operational impact stated.
WBD · · Neutral Mentioned as the target of Paramount's anticipated acquisition, with leaders drawn from both companies; no new deal terms or financial impact.
CNN Worldwide · · Neutral Only noted that Mark Thompson will serve as Chairman and Editor-in-Chief of CNN Worldwide; no substantive development.
Warner Bros. Discovery Earns Zacks Rank #3 as Quarterly EPS Estimate Holds at $0.02
Warner Bros. Discovery holds a Zacks Rank #3 (Hold), with the consensus estimate for the current quarter unchanged over the last 30 days at $0.02 per share, a swing of +133.3% from the year-ago quarter. For the current fiscal year, the consensus earnings estimate stands at -$1.08, a year-over-year change of -472.4%, and that figure has moved +2% over the past 30 days, while the next fiscal year's consensus estimate of $0.1, up +109.3% from the expected year-ago result, has fallen -41.2% over the past month. On the revenue side, the consensus sales estimate for the current quarter is $8.84 billion, a year-over-year change of -2.3%, with $36.22 billion and $37.51 billion expected for the current and next fiscal years, changes of -2.9% and +3.6% respectively. In the last reported quarter, Warner Bros. Discovery posted revenues of $8.72 billion, down -11.2% year over year and a -6.19% surprise against the Zacks Consensus Estimate of $9.29 billion, while EPS of $0.06 compared with $0.63 a year ago for a +146.15% surprise. The stock has returned +9.5% over the past month against the Zacks S&P 500 composite's +0.6% change, even as the Zacks Broadcast Radio and Television industry lost 10.6% over the same period, and it carries a Zacks Value Style Score of D, indicating it trades at a premium to its peers.
WBD · Capital · Neutral Zacks Rank #3 (Hold) with unchanged quarterly EPS estimate of $0.02, mixed estimate revisions and a Value Score of D — a valuation/earnings-estimate update with no clear directional signal.
Moderna Jumps 175% in Q3 on Cancer Therapy Trial Win, Nasdaq 100 Entry
Moderna Inc. ranked as the second top-performing stock in the US market in the third quarter, with shares surging 174.98 percent over the three months ending September. The rally was driven by news that its Intismeran Autogene combined with Merck's Keytruda achieved the primary endpoint of recurrence-free survival and the secondary target of distant metastasis-free survival in a late-stage clinical trial, marking the first positive readout from a phase 3 trial combining an mRNA-based cancer treatment with individualized neoantigen therapy and the first late-stage phase to show a clinically meaningful improvement over Keytruda alone. Melanoma, the target indication, is expected to increase by 112,000 cases by the end of the year, including an estimated 8,500 deaths, after some 330,000 cases were diagnosed globally in 2022. In August, Moderna received FDA approval of its biologics license application for the 2026 to 2027 formulas of its Spikevax and mNEXSPIKE COVID-19 vaccines. The vaccine maker is set to join the Nasdaq 100 index on Friday, October 9, replacing Warner Bros. Discovery Inc., which is set to merge with Paramount Skydance Corp. on Tuesday, October 6.
MRNA · Technology · Positive Its mRNA cancer therapy Intismeran Autogene with Keytruda achieved the primary endpoint in a phase 3 trial, driving the stock's 175% Q3 surge.
MRNA · Regulation · Positive Moderna received FDA approval of its biologics license application for the 2026-2027 Spikevax and mNEXSPIKE COVID-19 vaccine formulas.
MRK · Technology · Positive Moderna's Intismeran Autogene combined with Merck's Keytruda hit the primary endpoint of recurrence-free survival in a late-stage cancer trial, a positive readout for Keytruda's use in combination therapy.
WBD · · Neutral Named only as the company being replaced in the Nasdaq 100 by Moderna ahead of its merger with Paramount Skydance; no substantive development affecting it.
Ellison's Oracle and Paramount Debt Binge Links Two Credits
Larry Ellison's dual role as backer of Paramount Skydance Corp. and controlling shareholder of Oracle Corp. is stirring concern on Wall Street as both companies pile on debt. Paramount took on $52 billion of additional debt this week to help pay for its acquisition of Warner Bros. Discovery Inc., while Oracle has nearly doubled its long-term debt to more than $160 billion over the past two years as it builds out AI computing capacity, making it the fifth-largest borrower in the US corporate bond market. The cost to insure the debt of both companies against default has converged and is increasingly moving in lock-step, a sign investors are beginning to treat the two credits as intertwined. Ellison, 82, is backstopping Paramount's takeover of Warner Bros., spearheaded by his son David, via a family trust that guaranteed a significant portion of the roughly $47 billion of equity financing for the deal, and the family pledged to take all necessary steps to bring leverage down in the coming years. His fortune has plummeted by almost $200 billion over the past year, though he is still worth roughly $192 billion, and he recently canceled a plan to sell billions of dollars worth of Oracle stock and disclosed he had increased the number of shares pledged as collateral for personal loans. S&P cut Oracle to BBB- in July and lowered Paramount's issuer credit rating to BB last month, and Oracle shares have fallen more than 50% over the past year.
Cloud & Digital Infrastructure › Mega-cap Hyperscalers Capital
ORCL · Capital · Negative Oracle's long-term debt nearly doubled to over $160B for AI capacity, S&P cut it to BBB-, and its credit risk is now intertwined with Paramount's, with shares down over 50%.
PSKY · Capital · Negative Paramount took on $52B of additional debt to fund the Warner Bros. acquisition, S&P cut its issuer credit rating to BB, and its default-insurance cost is converging with Oracle's.
WBD · Capital · Neutral Warner Bros. Discovery is the acquisition target being bought by Paramount, but the article focuses on the buyer's debt burden rather than WBD's own credit impact.
Paramount Skydance has appointed longtime media executive Ynon Kreiz as Co-Chief Executive Officer and board member, with David Ellison remaining the principal executive officer and Chairman. The move lands days before the planned closing of the Warner Bros. Discovery acquisition and follows a multi billion dollar secured debt raise, setting up Kreiz to run day to day operations while Ellison concentrates on creative direction and capital allocation. The leadership shift comes as the stock has posted a 30 day share price return of down 13.4% and a 1 year total shareholder return of down 49.3%, with a roughly US$52b debt package reshaping the risk profile ahead of the Warner Bros. Discovery deal closing. Paramount Skydance now trades near US$9.50, and on the most followed narrative it screens modestly cheap with a fair value estimate of about $9.81. The company is pursuing global scaling of Paramount+ through premium content, sports such as UFC and Zuffa Boxing and South Park, and year round programming, alongside consolidation of Paramount+, Pluto and BET+ onto a single tech platform and an Oracle Fusion enterprise rollout aimed at reducing run rate costs toward the US$3b efficiency target.
PSKY · Capital · Neutral Appoints Ynon Kreiz as Co-CEO ahead of the Warner Bros. Discovery deal close and after a multi-billion-dollar debt raise, reshaping leadership and risk profile.
WBD · Capital · Neutral Its acquisition by Paramount Skydance is set to close days after the leadership change, but no new terms are given.
Paramount-Warner Bros. $110 Billion Merger to Create Skydance
The combined company formed by the $110 billion merger of Paramount and Warner Bros. will be named Skydance, Paramount CEO David Ellison announced. Ellison said the name was chosen to preserve the distinct identities and legacies of both Paramount and Warner Bros. while giving the combined company an identity of its own. Skydance is the production company Ellison founded in 2006 and merged with Paramount in 2025. On Wednesday, Paramount named Mattel CEO Ynon Kreiz as co-CEO of the new company alongside Ellison, and Bloomberg reported the merger is expected to be finalized next week. The press release announcing Kreiz said the combined company will be guided by four strategic priorities: winning in content, becoming the most technologically capable media company, maximizing operational efficiencies, and earning trust.
PSKY · Capital · Positive Paramount's $110 billion merger with Warner Bros. is expected to be finalized next week, creating the combined Skydance entity.
WBD · Capital · Positive Warner Bros. Discovery is being merged into the $110 billion combined company with Paramount, expected to close next week.
MAT · · Neutral Mattel CEO Ynon Kreiz named co-CEO of the merged Paramount-Warner Bros. company, but no impact on Mattel's own business is described.
Paramount CEO asks CNN chief to stay on after acquisition
Paramount Chief Executive David Ellison has asked CNN CEO Mark Thompson to remain at the helm of CNN after the completion of the Warner Bros. Discovery acquisition. A person familiar with the matter confirmed this to Reuters on the first of the month. The two have discussed a new contract over the past few weeks aimed at keeping Thompson on, but they have not yet reached agreement on terms. Thompson places great importance on editorial independence and is said to be seeking guarantees that he can retain broad authority over CNN's news coverage. The acquisition will bring CNN and CBS News under the same corporate umbrella, and Paramount executives are continuing to examine how the two outlets will work together after the merger. CBS News editor-in-chief Bari Weiss is expected not to be involved with CNN after the deal closes. On September 30, a U.S. federal district court approved a settlement between Paramount and 12 states led by California that had sued to block the acquisition, issuing an order allowing the deal to proceed. Under the settlement, the combined company must establish a "news editorial independence committee" to protect the editorial autonomy and fact-based reporting standards of CBS News and CNN.
PSKY · Capital · Positive Paramount's acquisition of Warner Bros. Discovery cleared a federal court settlement, allowing the deal to proceed and bringing CNN and CBS News under one umbrella.
WBD · Capital · Positive The court-approved settlement lets Paramount complete its acquisition of Warner Bros. Discovery.
CNN · Regulation · Neutral Paramount CEO asks CNN chief Mark Thompson to stay, with editorial-independence guarantees and a new editorial independence committee required under the settlement.
Nasdaq 100 adds Moderna, replacing Warner Bros. Discovery, effective October 9
Nasdaq announced that Moderna will be added to the Nasdaq 100 index, replacing Warner Bros. Discovery, effective October 9, 2026, after Moderna's share price surged more than sixfold since the start of the year, lifting the company's market value to roughly 75 billion dollars. Warner Bros. Discovery is also set to be removed from the indexes of other major index providers, including MSCI and S&P, as its merger with Paramount Skydance is expected to be completed on October 6 after months of delays. The change in the Nasdaq 100's composition therefore comes just days after the merger closes, with Moderna taking the media company's place in the index from October 9.
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MRNA · Capital · Positive Moderna will be added to the Nasdaq 100 index, replacing Warner Bros. Discovery, effective October 9.
WBD · Capital · Negative Warner Bros. Discovery is being removed from the Nasdaq 100 and other major indexes as its merger with Paramount Skydance nears completion.
Netflix Expands Into Live Programming, Podcasts and Cloud Gaming
Netflix is ramping up live programming, video podcasts and cloud gaming as new content pillars, alongside a sizeable share repurchase plan and a potential acquisition of Warner Bros. The company operates as a global entertainment platform in the US and worldwide, built around on demand films, series and related media that compete directly with other large streaming and traditional entertainment groups. Management is exploring a potential acquisition of Warner Bros., which would bring a large film and TV library under Netflix control. The pivot into live content, podcasts, gaming and a possible Warner Bros. deal is only one piece of the Netflix puzzle. The key checks for investors are engagement and cash generation, with Q3 and Q4 2026 updates around viewing time, ad tier traction and any quantified returns from live programming or games, together with the pace and size of future share repurchases, showing whether these new pillars are affecting the overall earnings profile.
Twilio to Join S&P 500 as S&P Dow Jones Reshuffles Indices
S&P Dow Jones Indices announced a series of benchmark rebalancings on Thursday afternoon, effective prior to the market open on Tuesday, Oct. 6. Cloud communications software maker Twilio Inc Class A will join the flagship S&P 500, moving up from the S&P MidCap 400, replacing Warner Bros Discovery Inc, which is being acquired by S&P 500 constituent Paramount Skydance Corp in a deal nearing final completion. Twilio shares rose 1.6% in extended trading, while semiconductor test equipment producer FormFactor Inc will fill Twilio's former spot in the S&P MidCap 400 as it shifts up from the S&P SmallCap 600. The small-cap benchmark will in turn absorb SaaS platform Workiva Inc, which replaces FormFactor and gained 2.7% after-hours. In a separate structural shift, newly formed Consumer Staples entity Vylor Inc. joined the S&P 500 on Thursday following its spinoff from Corteva Inc, which will transition into the S&P MidCap 400 on Oct. 6, taking the spot of Olin Corporation; Olin moves to the S&P SmallCap 600 to replace chipmaker Qorvo Inc, which is being acquired by Skyworks Solutions Inc in a pending transaction that prompted the chain of small-cap reallocations.
Netflix co-chief executive officer Ted Sarandos said the company is not growing as fast as he would like and is working to accelerate that growth. Speaking to Lucas Shaw at Bloomberg Screentime in Los Angeles, Sarandos noted Netflix grew engagement 2% in its last announcement, on a base of 200 billion hours of watching, a figure he acknowledged falls short of the double-digit growth investors have come to expect. He said live programming, a relatively new area for Netflix, consumes about 5% of the content budget but generates only about 1% of viewing, creating an engagement headwind even as it drives signups, retention and advertising. Sarandos also pointed to headwinds from events such as the World Cup and world sports, while stressing that the business remains strong, with double-digit revenue growth in every region of the world in the past quarter. On acquisitions, he said Netflix has traditionally been a builder rather than a big buyer, but that the Warner Brothers asset was attractive because it was unusually clean and let the company buy only what it wanted, adding that Netflix is not looking to backfill that deal and will grow primarily organically while pursuing complementary opportunities, including in games.
NFLX · Demand · Negative Sarandos says Netflix engagement grew only 2% and is falling short of the double-digit growth investors expect, with live programming generating just 1% of viewing.
WBD · Capital · Neutral Sarandos calls the Warner Brothers asset attractive and unusually clean, but says Netflix is not looking to backfill that deal and will grow mainly organically.
Paramount Skydance Prices $41.4B Notes, €885M Euro Notes
Paramount Skydance said Wednesday it agreed to sell $41.4 billion of senior secured notes, along with €885 million of euro-denominated notes, as part of a debt offering spanning maturities through 2066. The offering includes $30 billion of first-lien notes and $11.4 billion of second-lien dollar notes, with interest rates ranging from 6.30% to 9.125%, and the sale is expected to close Oct. 5, subject to customary closing conditions. The company also priced an incremental term loan facility comprising an $8.5 billion U.S. dollar tranche and a €850 million euro tranche, both maturing in 2033, with the dollar tranche increased from $7.5 billion and a corresponding reduction in the aggregate principal amount of the first-lien notes. Separately, a California federal judge approved Paramount Skydance's settlement with 12 state attorneys general, allowing its $110 purchase of Warner Bros. Discovery to be completed. US District Judge Araceli Martínez-Olguín in Oakland approved the settlement in an order Wednesday.
PSKY · Capital · Neutral Paramount Skydance priced $41.4B of senior secured notes plus €885M euro notes and an $8.5B term loan, a major debt financing event.
PSKY · Regulation · Positive A California federal judge approved the settlement with 12 state attorneys general, clearing the way for its $110 purchase of Warner Bros. Discovery.
WBD · Regulation · Positive The court approval of the settlement allows Paramount Skydance's acquisition of Warner Bros. Discovery to be completed.
US court approves Paramount's Warner acquisition; Mattel's Kreiz to become co-CEO
A US federal court on the 30th issued an order approving the completion of US media giant Paramount's acquisition of Warner Bros., moving forward a deal that had been stalled for months. US District Judge Martinez-Orguin approved a settlement reached on September 21 with 12 states led by California. Under the settlement, the combined company must release at least 30 films in US theaters each year for five years and add 300 million dollars a year to its US production spending; if it fails to meet the release threshold, it could be forced to sell the distributor Miramax. The two companies also settled an antitrust lawsuit brought by the Writers Guild of America, agreeing to pay 17.5 million dollars into the union's health fund and to maintain union member employment levels at CBS News for five years. Paramount announced that Ynon Kreiz, CEO of US toy giant Mattel, will serve as co-CEO to lead the combined company; Kreiz will join on the 5th and become co-CEO alongside Chairman and CEO David Ellison when the acquisition closes, overseeing day-to-day operations and integration. The two companies said the acquisition is expected to be completed on the 6th.
PSKY · Regulation · Positive US federal court approves Paramount's acquisition of Warner Bros., clearing the regulatory/antitrust hurdle that had stalled the deal.
WBD · Regulation · Positive Court approval of the settlement clears the antitrust obstacles, allowing Warner Bros. Discovery to be acquired by Paramount.
Miramax · Regulation · Negative Under the settlement, the combined company could be forced to sell distributor Miramax if it fails to meet the 30-films-per-year theatrical release threshold.
MAT · · Neutral Mattel CEO Ynon Kreiz named co-CEO of the combined Paramount-Warner company, a leadership change but no stated impact on Mattel's own business.
Paramount Skydance and Warner Bros. Discovery expect to close merger on Oct. 6
Paramount Skydance and Warner Bros. Discovery said on Wednesday, Sept. 30, that they expect their merger to be completed on Oct. 6, combining the entertainment and streaming businesses of the two U.S. media companies. The merger agreement announced in February calls for Warner Bros. Discovery shareholders to receive $31 per share in cash, and if the deal closes after Sept. 30, shareholders will receive an additional $0.00277778 per share for each day of delay until the transaction is completed. If the deal closes on Oct. 6 as scheduled, Warner Bros. Discovery shareholders will receive a total of $31.01666668 per share. Both companies also said the closing remains subject to customary conditions. After the merger, Warner Bros. Discovery's businesses, which include HBO Max, Warner Bros., CNN and Discovery, will be combined with Paramount Skydance's assets, which include Paramount Pictures, CBS, Nickelodeon, Paramount+ and Pluto TV. The transaction marks a major consolidation in the global media industry as companies seek greater scale in the film, television and streaming sectors.
PSKY · Capital · Positive Paramount Skydance expects to close its merger with Warner Bros. Discovery on Oct. 6, combining the two media companies.
WBD · Capital · Positive Warner Bros. Discovery shareholders will receive $31 per share cash plus a delay premium, with the merger expected to close Oct. 6.
Mattel CEO to step down, Condé Nast's Lynch named successor; Kreiz to become Paramount co-CEO
U.S. toy giant Mattel announced on the 30th that Chief Executive Officer Ynon Kreiz is stepping down and that Roger Lynch, CEO of publishing giant Condé Nast, will be promoted to succeed him. Lynch has served on Mattel's board since 2018 and is expected to take over as CEO by November 2. U.S. media giant Paramount Skydance announced the same day that it will bring in Kreiz as co-CEO effective October 5, with him also serving on the board. The company has signed a deal to acquire Warner Bros. Discovery for about 110 billion dollars. Meanwhile, Condé Nast, where Lynch has served as CEO for about seven years, has named board member Mike Parisi as interim CEO. Kreiz pushed forward Mattel's transformation into an entertainment company and expanded the business, including the blockbuster film "Barbie" in 2023, but now faces higher tariffs on imported goods under the Trump administration and pressure from activist investors.
Paramount Skydance Prices $41.4 Billion and €885 Million Notes, $8.5 Billion and €850 Million Term Loan B
Paramount Skydance Corporation has agreed to sell $41.4 billion and €885 million in senior secured notes and priced an $8.5 billion and €850 million incremental Term Loan B facility, with the proceeds earmarked for its acquisition of Warner Bros. Discovery. The notes offering comprises $30 billion of first lien senior secured notes across eight tranches, from $3.5 billion of 6.30% notes due 2028 to $1.25 billion of 8.90% notes due 2066, alongside $11.4 billion and €885 million of second lien senior secured notes, including $6 billion aggregate principal amount of 8.250% Senior Secured Second Lien Notes due 2031, €885 million of 7.000% second lien notes due 2031, $4 billion of 8.875% notes due 2034 and $1.4 billion of 9.125% notes due 2036. The Incremental Term B Facility consists of an $8.5 billion U.S. dollar tranche, increased from $7.5 billion as previously announced with a corresponding reduction in the first lien notes, and a €850 million euro tranche; the dollar tranche is issued at 99.75% of face value and bears interest at Term SOFR plus 2.75% per annum, while the euro tranche is issued at 100% of face value and bears interest at EURIBOR plus 2.75% per annum, with the facility maturing in 2033. The notes sale is expected to close on October 5, 2026, subject to customary closing conditions. Paramount Skydance intends to use the net proceeds, together with cash on hand, borrowings under previously announced term loan financings and the net proceeds of its previously announced equity financing, to finance the purchase price for its acquisition of Warner Bros. Discovery and repay certain existing debt, and it noted that consummation of the notes offerings is not a condition to the acquisition.
PSKY · Capital · Neutral Paramount Skydance prices $41.4B and €885M in notes plus $8.5B/€850M Term Loan B to fund its Warner Bros. Discovery acquisition, a major debt-financing event.
WBD · Capital · Neutral Warner Bros. Discovery is the acquisition target being financed by Paramount Skydance's notes and term loan proceeds.
Judge Approves Settlement Clearing Paramount's $111-Billion Warner Bros. Discovery Deal
A federal judge in Oakland has approved a settlement allowing Paramount Skydance Chief Executive David Ellison to finalize his $111-billion acquisition of Warner Bros. Discovery, a deal that could close by early next month. The five-year consent decree requires the combined Paramount-Warner Bros. to release 30 films in theaters each year, commit an additional $1.5 billion to domestic film production and set aside $47.5 million for workers who may be adversely affected by the merger. It also creates a five-member panel to monitor editorial independence at CBS News and CNN, though critics note the Ellisons control the board appointments, and bars Paramount from selling or closing its Melrose Avenue campus in Hollywood or the larger Warner Bros. lot in Burbank, which must be operated in a manner consistent with past practices for at least five years. An independent monitor is expected to oversee implementation, and Paramount will face restrictions on how it wields clout in negotiations over distribution of its basic cable TV channels. The merger has been unpopular in Hollywood, with opponents accusing California Atty. Gen. Rob Bonta, who led negotiations with Paramount, of caving to political pressure from Gov. Gavin Newsom and Los Angeles Mayor Karen Bass, who publicly urged him to abandon his court fight in favor of settlement talks.
PSKY · Capital · Positive Judge approves settlement clearing Paramount Skydance's $111-billion acquisition of Warner Bros. Discovery, allowing the deal to close.
WBD · Capital · Positive Settlement approval clears the way for Warner Bros. Discovery to be acquired by Paramount Skydance in the $111-billion deal.
CNN · Regulation · Neutral Settlement creates a five-member panel to monitor editorial independence at CNN, though critics note the Ellisons control board appointments.
Mattel CEO Ynon Kreiz May Take Senior Role at Paramount-Warner Bros
Mattel CEO Ynon Kreiz may be headed to David Ellison's Paramount-Warner Bros. in a senior role, The Hollywood Reporter reported on Wednesday, citing people familiar with the matter. The report comes shortly after Mattel announced that Kreiz would step down as chairman and CEO, with Roger Lynch set to succeed him; Mattel said Kreiz would take a senior leadership position at another public company but did not identify the company. Paramount and Warner Bros. Discovery are in the process of combining under Ellison's leadership, and The Hollywood Reporter said the potential move would place Kreiz in a senior position at the combined entertainment company. Kreiz has led Mattel since 2018 and has overseen its expansion into film and television, including the success of "Barbie," according to the report. The report did not provide further details on Kreiz's potential title or responsibilities at the combined company.
PSKY · Capital · Positive Reported potential hire of Mattel CEO Ynon Kreiz into a senior role at the combined Paramount-Warner Bros. strengthens the merged company's leadership.
WBD · Capital · Positive Kreiz may take a senior role at the combined Paramount-Warner Bros. entity that Warner Bros. Discovery is merging into.
MAT · · Neutral CEO Ynon Kreiz reportedly leaving for Paramount-Warner Bros. after already announcing his departure as Mattel chairman/CEO; no clear positive or negative driver for Mattel.
Ellison Taps HBO's Casey Bloys to Lead Streaming After Paramount-Warner Merger
Paramount CEO David Ellison has selected HBO content chief Casey Bloys to lead streaming operations following the company's merger with Warner Bros. Discovery, according to media reports. It marks the first major executive decision by Ellison ahead of Paramount's planned $81B acquisition of Warner, which owns HBO and the streaming service HBO Max. As a result, Cindy Holland, the former Netflix programming executive whom Ellison put in charge of Paramount's streaming platforms including Paramount+, about a year ago, is leaving the company; in a memo to staff, Holland said Tuesday was her last day, and The New York Times first reported news of her departure. Ellison was concerned that losing Bloys would damage the HBO brand, a crucial part of the company's streaming strategy, a person familiar with the matter told the Wall Street Journal, adding that Bloys wasn't interested in partnering with another executive to run the streaming operation and had made that clear to Paramount. Additional shake-ups are expected in the days ahead once Paramount gets official court approval of the settlement, which could come as early as this week.
PSKY · Capital · Neutral Paramount CEO Ellison picks HBO's Casey Bloys to lead streaming after the $81B Warner merger, replacing Paramount+ chief Cindy Holland.
WBD · Capital · Positive Ellison chose HBO content chief Casey Bloys to lead streaming post-merger, signaling HBO/HBO Max's brand is central to the combined company's strategy.
US 30-year bond yield surges past 5.61%, highest in 24 years
The yield on the 30-year US Treasury bond climbed to its highest level since 2002, breaking through 5.61% on Tuesday, September 29, rising for a sixth consecutive day amid intensifying selling pressure in global bond markets worth roughly 32 trillion dollars, driven by inflation concerns, elevated oil prices, and a heavy volume of corporate debt issuance. Michael Cloherty, head of US rates strategy at CIBC Capital Markets, said that while long-term bond yields look attractive in value terms compared with past levels, the market has yet to see clear large-scale buying step in to support them. Part of the inflation pressure stems from high oil prices caused by the war in the Middle East, prompting investors to increase bets that several central banks, including the Fed, may need to raise interest rates further. However, those expectations eased somewhat after John Williams, president of the Federal Reserve Bank of New York, said another increase in the target rate range may be appropriate late this year, sending the 2-year US Treasury yield down by as much as 0.05% before moving around 4.89%, while the 10-year yield stood at about 5.25%, near its highest since 2007, and US Treasuries have returned a total of negative 2.6% since the start of this year, compared with a gain of 6.3% last year. Pressure is also coming from a wave of corporate bond issuance, with Paramount Skydance Corp. beginning to offer investment-grade notes as a key part of a 52 billion dollar financing package for its acquisition of Warner Bros. Discovery; the company plans to raise about 32 billion dollars through bond sales, and Monty Gandhi, a rates strategist at SMBC, said the offering ranks as the fifth-largest investment-grade bond deal ever.
US-30Y.GB · Monetary · Positive 30-year Treasury yield broke through 5.61%, its highest in 24 years, on a sixth straight day of selling driven by inflation worries, oil prices, and corporate debt issuance.
US-10Y.GB · Monetary · Positive 10-year Treasury yield stood near 5.25%, its highest since 2007, amid inflation concerns, elevated oil prices, and heavy corporate issuance.
US-2Y.GB · Monetary · Negative 2-year Treasury yield fell as much as 0.05% to around 4.89% after NY Fed's Williams said another rate hike may be appropriate late this year.
PSKY · Capital · Negative Paramount Skydance is issuing investment-grade notes as part of a $52B financing package, adding to the corporate debt supply pressuring yields and raising its own borrowing costs.
WBD · Capital · Neutral Warner Bros. Discovery is the acquisition target in Paramount Skydance's $52B financing package, but the article only notes the bond offering tied to the deal.
Larry Ellison Pledges $9.2 Billion of Oracle Stock as Loan Collateral
Oracle founder Larry Ellison has pledged 67 million more shares of the software company as collateral for personal loans than he had a year earlier, according to the company's latest proxy filing. The increase amounts to about 19% from 2025, and at Oracle's Friday closing price of $137.10, the pledged shares were worth roughly $9.2 billion, representing about 36% of his total Oracle holdings. The arrangement stands out because Oracle generally prohibits its officers and directors from pledging company shares as collateral for personal loans, with Ellison, the executive chairman and chief technology officer, the sole exception. The disclosure comes as the Ellison family is helping finance Paramount Skydance's $111 billion acquisition of Warner Bros. Discovery, having committed $47 billion in equity funding for the transaction, although about $24 billion of that commitment is coming from three Middle Eastern sovereign wealth funds. The proxy also revealed that co-CEO Clayton Magouyrk received stock-option awards valued at $621.7 million and co-CEO Michael Sicilia received awards valued at $248.7 million, while Ellison, who received no equity awards during the previous two fiscal years, received $117.8 million in option awards.
ORCL · Capital · Negative Ellison pledged 67 million more Oracle shares (~$9.2B) as personal-loan collateral, raising governance/overhang concerns despite Oracle's ban on such pledging for other officers.
PSKY · Capital · Neutral Ellison family committed $47B equity to Paramount Skydance's $111B Warner Bros. Discovery acquisition, but the article gives no clear read-through for Paramount's own shares.
WBD · Capital · Neutral Named only as the target of Paramount Skydance's $111B acquisition being financed partly by the Ellison family; no standalone impact on WBD shares is stated.
Paramount Settles With California and 11 States Over $81 Billion Warner Bros. Discovery Bid
Paramount Skydance Corporation settled with California and 11 other states in late September 2026, clearing the biggest legal obstacle to its $81 billion pursuit of Warner Bros. Discovery, Inc. The terms commit Paramount to at least $1.5 billion of additional U.S. production spending over five years, a minimum of 30 films released annually, keeping its Los Angeles studio lots, funding workforce training, and building editorial-independence safeguards for CNN and CBS News. No major structural changes were required upfront, though the agreement leaves room for penalties and includes forced asset sales if Paramount fails to meet its commitments. The settlement also requires roughly $650 million of quarterly payments, or about $7 million per day, after October 1 if closing slips. Hedge fund holders of Warner Bros. Discovery rose to 101 in the second quarter of 2026 from 94, with position value climbing to $11.58 billion from $9.31 billion, while Paramount's hedge fund count grew to 38 from 30 even as position value slipped to $368.8 million from $370.5 million.
PSKY · Regulation · Positive Settlement with California and 11 states clears the biggest legal obstacle to its $81B Warner Bros. Discovery bid, though it adds $1.5B production spending and penalty commitments.
WBD · Capital · Positive Paramount's $81B acquisition pursuit of Warner Bros. Discovery advances as the key state legal obstacle is settled.
AMD Tops $1 Trillion Valuation as Wall Street Rallies on Geopolitical Developments
U.S. stocks advanced this week as investors weighed geopolitical developments, with the Dow adding 0.28%, the S&P 500 gaining 1.21%, and the Nasdaq Composite climbing 2.06%. AMD became the latest chipmaker to cross the $1 trillion mark in valuation on Monday, following Nvidia, Broadcom, and Micron. Novo Nordisk shares fell after its Capital Markets Day in London, where it unveiled 2030 growth targets including a $23 billion obesity sales target and plans to launch more than five multi-blockbusters by 2030. Paramount Skydance, the Writers Guild of America, and twelve attorneys general agreed on terms enabling the entertainment conglomerate to complete its $111 billion acquisition of Warner Bros. Discovery, with Paramount agreeing to keep its headquarters in California among other concessions. Costco delivered a better-than-expected quarter, with total revenue rising 12% to $95.72 billion, beating estimates by $830 million, and profit of $6.75 per share, 5 cents above expectations, while U.S. comparable sales rose 7.2% on an adjusted basis. McDonald's committed roughly $8.5 billion at its investor day to help franchisees modernize restaurants, targeting operating margins in the low-to-mid 50% range by 2030.
COST · Capital · Positive Costco beat estimates with revenue up 12% to $95.72B and EPS of $6.75, 5 cents above expectations.
MCD · Capital · Positive McDonald's committed roughly $8.5B at its investor day to help franchisees modernize restaurants, targeting low-to-mid 50% operating margins by 2030.
NVO · Capital · Negative Shares fell after Capital Markets Day where it unveiled 2030 growth targets including a $23 billion obesity sales target.
AMD · Capital · Positive AMD crossed the $1 trillion valuation mark, becoming the latest chipmaker to reach that milestone.
PSKY · Capital · Positive Paramount Skydance agreed on terms enabling it to complete its $111B acquisition of Warner Bros. Discovery.
WBD · Capital · Positive Terms were agreed enabling Paramount Skydance to complete its $111B acquisition of Warner Bros. Discovery.
Apollo Global Management Leads $49 Billion Paramount-Skydance-WBD Debt Package, Nears $2.6 Billion Yankees Stake
Apollo Global Management is leading a US$49 billion debt package for the planned Paramount, Skydance and Warner Bros. Discovery merger, while closing in on a US$2.6 billion investment for a major equity stake in the New York Yankees. The two moves sit within a broader pattern of big-ticket media and sports deals that test the firm's thesis of using a broad credit and equity toolkit to feed an industrial and retirement-capital build out. Credit exposure tied to the collapse of Market Financial Solutions is also emerging, raising questions over how those loans were structured and highlighting what the article calls the firm's main weakness: internal execution risk rather than external shocks. Apollo Global Management, a US diversified financial group with a US$73.3 billion market cap, focuses heavily on credit and private equity, an emphasis that helps explain its presence in large media financings and complex loan exposures now under scrutiny. Analysts already flag profit volatility and an uneven dividend record, so any large loss would feed the more cautious take on Apollo's expansion.
APO · Capital · Neutral Apollo leads a $49B debt package for the Paramount-Skydance-WBD merger and nears a $2.6B Yankees stake, but faces scrutiny over credit exposure tied to Market Financial Solutions' collapse and execution risk.
New York Yankees · Capital · Positive Apollo is closing in on a $2.6 billion investment for a major equity stake in the New York Yankees, injecting capital into the team.
PSKY · Capital · Neutral Paramount Skydance is part of the planned merger financed by Apollo's $49B debt package, but the article gives no clear positive or negative read on the deal's outcome.
WBD · Capital · Neutral Warner Bros. Discovery is part of the planned merger financed by Apollo's $49B debt package, with no clear directional read on the deal.
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