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Skydance shares are staging a sharp recovery while the rest of the media sector slides, and the reason traces back to a warrant split that may not be done rattling the stock.

A sharp retracement is lifting Skydance (NYSE:SKYD) after its warrants began trading separately. This bounce is coming while the rest of the media group drifts lower. Skydance shares are up 10% to $7.84 in afternoon trading, a move that wins back some of the ground lost once Skydance stock and its warrants separated.

The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is up 0.7% to $774.25, so the broad market is giving stocks a supportive backdrop. By contrast, the Communication Services Select Sector SPDR ETF (NYSEARCA:XLC) is down 0.7% to $109.43, leaving media and internet names behind the overall market. That gap between the two funds marks Skydance’s gain as a stand-alone move.

Meanwhile, Spotify Technology (NYSE:SPOT | SPOT Price Prediction) stock is down 0.6% to $523.14, a modest slip that puts it on the opposite side of Skydance’s rally. Walt Disney (NYSE:DIS) shares are slipping, down 0.2% to $111.49, which leaves the entertainment heavyweight slightly lower while Skydance posts its sharp gain. Neither peer is moving anywhere near as much as Skydance, which keeps the focus on the warrant story.

The Warrant Split Behind the Selloff
Skydance completed its acquisition of Warner Bros. Discovery earlier this month, then distributed long-dated warrants to shareholders last week. The company released details on the separate trading of its SKYD Class B shares and warrants, and Skydance stock fell once the two securities split, as part of each holder’s value moved into the warrants.

Even with the bounce, Skydance shares sit 16% below the $9.28 level where they started trading on the NYSE, so the rebound retraces only part of that markdown.

What the Peer and Fund Figures Show
Spotify, Disney and the communication services fund are all moving lower while Skydance climbs. That divergence marks the gain as a Skydance-specific retracement.

Within the Communication Services fund, Disney held a 4.5% weight as of June 30, while Skydance sat at just 0.4%. That weighting means the fund’s dip reflects Disney and larger media names far more than any swing in Skydance.

Skydance now combines the Paramount and Warner Bros. film studios, streaming services including Paramount+ and HBO Max, and television networks such as CBS and CNN, and Paramount+ alone counted 81.6 million subscribers in its most recent reported quarter. Disney pairs streaming with theme parks, while Spotify sells audio subscriptions, so neither faces the merger integration and warrant questions hanging over Skydance.

The bull case for Skydance rests on scale, with two major studios and two streaming platforms under one roof feeding a deeper content library. Skeptics point to Skydance’s integration risk and the warrants themselves, since a second security trading alongside the Class B shares can weigh on Skydance stock until the overhang clears.

Skydance’s First Combined Quarter Is the Next Proof Point
On November 9, Skydance is scheduled to post Q3 2026 results, its first report as the combined company. Skydance’s earnings report could show whether the merged studios and streaming services are working together. Management’s commentary on how the two studios and two streaming platforms fit could shape how Skydance stock trades afterward.

The open variable is how fast the warrant overhang clears. Wide gaps between the Class B shares and the warrants could keep Skydance stock volatile in the near term.

Skydance faces a stretch where warrant pressure and integration work overlap, and the combined company hasn’t posted a full quarter as one business yet. Investors weighing their SKYD stock exposure should calibrate their holdings carefully while the picture clears.

Contact [email protected] for any questions or corrections.

Skydance stock fell as much as 28.5% after the company paid out a warrant dividend. Eligible shareholders received one warrant for every Class B share they owned on Oct. 5.

The Justice Department is investigating whether the major television networks — ABC, CBS, CNN, NBC and Fox News — violated federal antitrust laws when the group briefly suspended their pooled coverage of President Trump, according to six people with knowledge of the department’s action.

Officials from the Justice Department contacted networks on Friday and demanded communications and materials related to the White House TV pool, the people said. The pool is a longstanding system where the networks share the responsibility of providing footage of the president and distributing it to other news outlets.

Last month, the networks collectively suspended their pool footage of Mr. Trump for several days after the president barred CNN journalists from the White House grounds, which prevented CNN from participating in the pool.

The inquiry by the Justice Department is a profound escalation of the Trump administration’s ongoing battles with the White House press corps. It also follows a pattern of the Trump administration using the levers of government against its perceived foes in the media. The Justice Department has subpoenaed reporters from The New York Times and seized a laptop from a Washington Post journalist.

A Justice Department spokeswoman, Emily Covington, said in a statement on Saturday: “Members of the television press pool have proudly boycotted covering White House events. Group boycotts among commercial competitors can violate the Sherman Act,” a core antitrust law.

“The Antitrust Division is simply investigating to determine whether these news organizations have violated the antitrust laws,” Ms. Covington added.

The White House did not immediately respond to an inquiry on Saturday, and representatives for the five networks did not immediately comment.

The latest skirmish was set off when Mr. Trump, lamenting what he described as “purposely negative stories,” barred CNN, Politico and MS NOW from the White House on Sept. 18.

The three news organizations sued, calling the president’s action a violation of their First Amendment rights; the administration argued that access to the White House was a “privilege.” A federal judge issued a temporary block on the ban, which is set to expire on Tuesday.

This is a developing story. Check back for updates

NYSE Group President Lynn Martin talks about the newly formed Skydance Corp. making its trading debut on the exchange. She also talks about attracting new companies, the IPO market and competing for listings in Texas.

NYSE issues a pre-market daily advisory direct from the trading floor. NEW YORK, Oct. 8, 2026 /PRNewswire/ -- The New York Stock Exchange (NYSE) provides a daily pre-market update directly from the NYSE Trading Floor.

HBO Max and CNN will operate as is for now under David Ellison's Skydance. Illustration by Omar Marques/SOPA Images/LightRocket via Getty Images; Noam Galai/Getty Images for Paramount; Bloomberg/Getty Images What's going to happen to all my favorite TV shows and movies?

Paramount has joined forces with Warner Bros. Discovery, prompting questions about what the mega-deal means for the likes of HBO and CNN.

Skydance, David Ellison's new entertainment giant, is now home to HBO, HBO Max, CNN, CBS, Paramount+, Pluto TV, the Warner Bros. studio, Paramount Pictures, and cable networks like TNT and HGTV.

That portfolio of assets is poised to make Skydance a powerhouse that could challenge Disney and Netflix in streaming while boasting the premium, historic IP that Google's YouTube doesn't have.

Below is a breakdown of what Skydance has said about how it will approach movies, streaming, traditional TV, and news — both publicly and in private meetings with employees.

Streaming: An HBO-Paramount super app is coming, eventuallyAlthough Ellison has said that HBO Max and Paramount+ will eventually become a unified service, that won't happen immediately.

Skydance will build a tech platform that supports both streamers "as quickly as we possibly can," Ellison told employees in a town hall on Wednesday, since he said operating multiple separate streaming stacks is "inefficient and just not the best way you'd want to build it."

"That allows you to build better personalization systems, better recommendation systems, allows you to monetize better," Ellison told staffers.

It's unclear what this supercharged streamer would be called, or how much it would cost a month.

The standard ad-free version of HBO Max costs $18.49 a month compared to $13.99 for Paramount+, while the ad versions are $10.99 and $8.99, respectively.

While Skydance builds its streaming super app, it will create a bundle that lets consumers get both services at a discount, similar to how Disney offers its Disney+ and Hulu bundle.

Ellison talked about creating a "mutual ingest bundle" that would make HBO Max and Paramount+ content available to bundle customers in both apps, which he said would be a "really, really powerful" offering.

"Because the Paramount-WBD deal was financed with a massive amount of debt, it's hard to imagine that streaming price hikes aren't in Skydance's future," said media analyst Mike Proulx of Forrester. Skydance must pay down about $80 billion in debt.

Skydance's streaming business will be run by Casey Bloys, the HBO chief, after Paramount streaming head Cindy Holland stepped down.

News: CNN and CBS will be separate brands, for nowEllison seems set on keeping CNN running as a separate brand, despite speculation about a merger with Bari Weiss' CBS News.

CNN CEO Mark Thompson is staying at the network, and Ellison said at Wednesday's town hall that he won't interfere in news coverage.

He said the network will have "complete editorial independence."

Ellison told employees Skydance wants to help CNN "scale and transition the business digitally." The news giant already offers a $6.99-per-month subscription for a live TV feed and full access to its site.

When asked by CNN's Anderson Cooper at the town hall how CNN and CBS could work together, Ellison said he's still figuring out the details but suggested the two news networks will come together in some way, whether by sharing resources or talent.

"You can only be so smart from the outside looking in," Ellison said, adding that "within, usually, 120 days," new leaders should "be able to start to make those decisions."

Movies: There will be a steady stream of films in theatersSkydance seems set to keep film output steady.

Ellison's company has promised to put 30 movies in theaters in both 2027 and 2028, and 32 films a year in 2029, 2030, and 2031. About two-thirds of those movies must be wide releases, as part of Skydance's settlement with the 12 states suing to stop its deal, and at least four a year must be independent films.

Warner Bros. has 15 films on its theatrical schedule this year, as does Paramount Pictures. That's compared to 11 and eight in 2025 for Warner Bros. and Paramount, respectively.

Skydance has also promised not to sell the Warner Bros. or Paramount Pictures lots until at least 2032. Ellison said on Tuesday that one lot could host film production, while the other could host TV production.

Skydance wants to "cherish and celebrate" its film studios and "keep their identity very strong," co-CEO Ynon Kreiz said at the town hall.

TV: It's business as usual for the next few yearsWhen settling the lawsuit from the states, Skydance promised to separately negotiate rates for its cable channels and those of WBD through 2031. Otherwise, it could be forced to divest assets like BET.

That pledge should help maintain the status quo in the pay-TV world, since the combined company won't be able to gain as much leverage on distributors like Comcast, Charter, or YouTube TV.

Without that clause, Skydance could have tried to secure higher rates for Paramount channels like MTV, Comedy Central, and Nickelodeon by threatening to withhold WBD networks like CNN, TruTV, and The Food Network.

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James Faris You're currently following this author! Click to unsubscribe from email alerts.

James Faris is a media correspondent in New York City.He covers the business of media & entertainment, specifically the streaming, TV, and AI strategies of Hollywood giants like Disney, Skydance (Paramount-WBD), and Netflix. He previously wrote about the stock market, the economy, and real estate.James joined Business Insider after graduating magna cum laude from James Madison University.Email James at [email protected] and follow him on LinkedIn.

Media Warner Bros. HBO More

David Ellison's megadeal combining Paramount and Warner Bros. closed Tuesday, ushering in a new era for Hollywood.

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By and James Faris You're currently following this author! Click to unsubscribe from email alerts.

Skydance's chief product officer addressed the Paramount and WBD teams in a memo after the merger. Justin Sullivan/Getty Images The product chief at the newly dubbed Skydance is ready to get the ball rolling — and encouraging employees to do the same — on the heels of Paramount Skydance's merger with Warner Bros. Discovery.

"The leaders who will have the greatest impact here are the ones with a bias for action under ambiguity. They let the best idea win, full stop," Dane Glasgow, chief product officer at Skydance, told staffers Tuesday in a memo that was obtained by Business Insider.

Glasgow told the Paramount and WBD teams that he recognized the months leading up to the merger had been "challenging" and that he appreciated their "resilience" and "steadfast commitment."

"I'm very excited about what we are going to build — an organization where technical craft matters, where the best ideas win and where we can move at a pace that matches our ambition," he said.

Glasgow also nodded to CEO David Ellison's remarks about the merger, saying technology was "reshaping how stories are created, distributed and experienced" and that the team would help keep the company "on the cutting edge of that work."

Paramount Skydance's $110 billion acquisition of Warner Bros. Discovery was completed on Tuesday, creating a new media behemoth called Skydance.

Skydance's properties now include Paramount Pictures, Warner Bros. Studios, HBO, CBS, CNN, and more, as well as valuable intellectual properties such as DC Comics and Harry Potter.

Read the full memo Glasgow sent Skydance employees below:

Team,I want to take a moment to welcome you all to the new Product & Tech team at Skydance!For more than a century, Paramount and Warner Bros. have operated as two legendary companies that have built new worlds, delighted audiences, and shared stories that have redefined our industry. As we expand our horizons, I want to make sure we all take this moment to celebrate the work we've done to reach such a historic moment. As a team, we're bringing together some of the best product, technology, operations and production service professionals in the business. We will build and deliver next generation products and services that leverage our combined expertise to bring richer entertainment experiences and capabilities to our team's key customers: creatives, consumers, advertisers, content and distribution partners, and employees.I also recognize that the last few months have been challenging, especially as many of you have been on the forefront of our companies' ongoing transformations. I deeply appreciate your resilience and your steadfast commitment to delivering for our stakeholders every single day. And I specifically want to thank Avi Saxena, Dave Duvall, James Crossland and Tyler Whitworth for their leadership on the WBD side — I look forward to continuing to work with you all and bringing our teams even closer together.As we get started, I also wanted to share my initial views as they relate to leadership, culture and ways of working:1. On culture: We're bringing together two organizations that each have a lot to be proud of, and a lot to learn from one another. Let's go into this assuming best intent with genuine curiosity about how each other works. We will listen and ask each other questions, sharing information and flagging areas of disagreement or misalignment openly and constructively.2. On how we work: We will always start with a hypothesis and move quickly to build prototypes and internal builds to test our assumptions. We will be early testers of our own products and ensure that our fast and iterative process results in high-quality experiences for our customers. We'll continuously provide feedback and encourage our people to stay curious as we explore new ways of doing things. And we'll hold two things in tension at once: patience with each other as we blend two cultures, and a sense of urgency to correct processes that only serve to slow us down.3. On leadership: The leaders who will have the greatest impact here are the ones with a bias for action under ambiguity. They let the best idea win, full stop. They're transparent in both directions: honest with their teams about what's happening, and quick to surface concerns upward before they become bigger problems. They keep the customer at the center of every decision they make. They are willing to roll up their sleeves and demonstrate both their technical prowess and managerial expertise. And they own the outcome and hold a high standard for what we deliver and how we deliver it.As David mentioned earlier today, technology is reshaping how stories are created, distributed and experienced, and this team will play an important role in keeping Skydance on the cutting edge of that work. We each have established roadmaps coming into the fourth quarter, and I am excited to keep our momentum going. As we share organizational updates with you in the coming weeks and months, I ask that you stay focused on your current priorities and responsibilities. As decisions are made, we will share them deliberately and thoughtfully as we build a world-class, high-performing organization and culture.If you have questions, please visit the Skydance Integration Hub, which will serve as a go-to source for updates, FAQs, and other information as we progress through this transition. A replay of today's Town Hall will also be available there.In the coming weeks, I will spend time across our locations listening and learning from many of you. We'll find opportunities for our team to create and collaborate — not just among ourselves, but with our partners across the organization, including DTC, Studios, Finance, Advertising Sales and many others. I'm very excited about what we are going to build — an organization where technical craft matters, where the best ideas win and where we can move at a pace that matches our ambition. Thank you for the work that got us here, and for everything we'll achieve as we continue to power our climb together - let's go!Cheers!Dane

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Kelsey Vlamis You're currently following this author! Click to unsubscribe from email alerts.

Kelsey Vlamis is a senior reporter for Business Insider, where she covers business and tech news. She also writes business stories about travel, luxury, and culture. Previously, she covered the environment, outdoors, and indigenous issues.Her feature story "Disaster at 18,200 feet" received awards from the New York Press Club and the North American Travel Journalists Association, as well as honorable mention from the Society of American Travel Writers. She has also received an American Journalism Online Award for her coverage on missing and murdered Indigenous people in Wyoming.She's appeared on CBS, NPR, NBC, and other outlets to discuss her reporting. She previously worked on the world news desk at the BBC in London and received a master's in journalism from Northwestern University.She can be reached by email at [email protected] or via the encrypted-messaging app Signal at kelseyv.21.

James Faris You're currently following this author! Click to unsubscribe from email alerts.

James Faris is a media correspondent in New York City.He covers the business of media & entertainment, specifically the streaming, TV, and AI strategies of Hollywood giants like Disney, Skydance (Paramount-WBD), and Netflix. He previously wrote about the stock market, the economy, and real estate.James joined Business Insider after graduating magna cum laude from James Madison University.Email James at [email protected] and follow him on LinkedIn.

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6.10.2026 16:15, GOOGL, CEG, WBD

Index Dow Jones +0,71 % na 51630,56 b., S&P 500 +0,74 % na 7831,73 b., Nasdaq Composite +0,75 % na 27682,86 b.

Nejsledovanější americké indexy v úvodu úterního obchodování posilují. Index S&P 500 směřuje ke čtvrtému růstu v řadě a nejdelší růstové sérii za poslední dva měsíce.

Společnost Alphabet (-0,28 %) uzavřela dohodu se společností Constellation Energy (+14,0 %) o odběru elektřiny z jaderných zdrojů na dvacet let. Agentura Bloomberg uvádí, že technologické firmy soupeří o zajištění dodávek elektřiny pro rychle rostoucí datová centra a jaderná energie je pro ně atraktivní díky nepřetržitým a bezemisním dodávkám.

Po měsících právních sporů dokončil mediální konglomerát Paramount Skydance fúzi s Warner Bros. Discovery v hodnotě 110 miliard USD.

Index S&P 500 +0,74 % na 7831,73 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Utility +2 % Energie -0,2 % Průmysl +1,2 % Komunikační služby -0,2 % Informační technologie +1,1 % Zdravotní péče +0,1 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna Constellation Energy Corp (CEG) +14 % Seagate Technology Holdings (STX) -6,2 % Vistra Corp (VST) +9,3 % Western Digital Corp (WDC) -5,7 % Marvell Technology (MRVL) +9,1 % Moderna (MRNA) -4,7 % NRG Energy (NRG) +8,7 % CH Robinson Worldwide (CHRW) -4,0 % Ciena Corp (CIEN) +6,2 % Dexcom (DXCM) -3,0 % Zdroj: Bloomberg

Jan Prokeš
Fio banka, a.s.
Prohlášení

It's been just over a year since Paramount Skydance set out to buy one of Hollywood's most iconic institutions.

After repeated rejections, a subsequent bidding war, a series of regulatory approvals, an antitrust challenge by state attorneys general and a timely settlement, the David Ellison-run company is set to close its acquisition of Warner Bros. Discovery on Tuesday.

The combined company, what amounts to one of the largest media conglomerates in history, will be newly named Skydance and trade under the ticker symbol "SKYD." It will bring together two of the most storied film studios and control nearly one-third of basic cable programming.

Here's a timeline of key events in Paramount's pursuit of WBD:

The foundation is laidCompetition brews

WBD shares since announcing its intention to split, ultimately kicking off a sale process.

Deals get donewatch now

watch now

Securing regulatory approval June 12, 2026: The Department of Justice approves the Paramount-WBD merger, a crucial step in winning full regulatory approval for the deal, which is valued at an estimated $110 billion on an enterprise basis.

July 13, 2026: A group of state attorneys general, led by California's Rob Bonta, sues to block the merger over antitrust concerns. The lawsuit cites the potential for higher prices and lower-quality content if the merger goes through.

July 22, 2026: European Union antitrust regulators approve Paramount's acquisition of WBD, marking a major win for Paramount among global regulators. The approval relies on a few concessions: Paramount agrees to divest its stake in United International Pictures in Europe and promises not to enter film distribution deals with Universal in Europe for a period of 10 years.

July 24, 2026: Paramount, already facing a temporary restraining order on the deal, agrees to delay its closing to as late as June 2027. The threat of a lengthy delay leaves WBD in limbo and casts a brief chilling effect over media M&A more broadly.

watch now

Sept. 21, 2026: Paramount and the state attorneys general settle the lawsuit, allowing the merger between the media giants to move forward. The news comes less than two weeks before the ticking fee would kick in and raise the deal price. The settlement includes a series of stipulations related to the number of theatrical films the combined company will release per year and the required budget for those films.

On the precipiceSept. 30, 2026: With the final hurdle cleared, Paramount announces that outgoing Mattel CEO Ynon Kreiz will serve as co-CEO of the combined company alongside Ellison. At Mattel, Kreiz earned a reputation as a turnaround man and oversaw the toymaker's foray into entertainment, bringing Barbie to the big screen in 2023.

Oct. 2, 2026: Ellison announces that the combined company will be named Skydance after closing, saying the move will allow Paramount and Warner Bros. to remain distinct brands.

Oct. 5, 2026: Ellison and Kreiz announce their leadership team, including news leads Bari Weiss and Mark Thompson over CBS and CNN, respectively, and content heads Casey Bloys, George Cheeks and JB Perrette to oversee the streaming and TV businesses. CNBC reports CBS Sports chief David Berson will take over Skydance's global sports group.

— CNBC's Julia Boorstin, David Faber, Lillian Rizzo, Sara Salinas, Alex Sherman and Sarah Whitten contributed to this report.

David Ellison has spent two years fighting to build his media empire. Now, he's bringing in a heavyweight to help him run it.

Ynon Kreiz, outgoing CEO of Mattel, will serve as co-CEO of the combined Paramount Skydance and Warner Bros. Discovery, to be named simply Skydance, when the merger closes on Tuesday.

The new entity will unite the storied film studios of Paramount and Warner Bros.; the CBS broadcast network; a sprawling portfolio of pay-TV networks that include CNN, TNT, MTV and BET; and streaming services Paramount+ and HBO Max, all under one roof.

The appointment of Kreiz to a top executive position alongside Ellison speaks to a governance question that has surrounded Ellison's aggressive pursuit of the legacy media assets: The tech executive and son of billionaire Larry Ellison can buy it, but can he lead it?

Not even 18 months ago, Ellison was the CEO of film production company Skydance with a limited portfolio of hits, namely the Tom Cruise-led Mission: Impossible franchise and "Top Gun: Maverick."

By August 2025, he was successfully closing an acquisition of Paramount, a deal worth around $8 billion. Roughly a month later, he started his campaign for WBD, spurring a back-and-forth bidding war that would ultimately result in a deal worth roughly $110 billion on an enterprise basis to merge two of Hollywood's biggest media companies.

Kreiz is a 30-year veteran of the media space, arguably best known for ushering "Barbie" to the big screen in 2023. He's earned a reputation as a turnaround man, with roots in entertainment despite his more recent stint in consumer goods.

He joins Paramount Skydance on Monday, and becomes co-CEO on Tuesday upon closing.

Many on Wall Street have lauded Kreiz for reviving toymaker Mattel through various cost-cutting measures, though others question if his previous entertainment experience is enough to help navigate Skydance through this merger — and how successfully he and Ellison will share the duties.

"We view the appointment of Ynon Kreiz positively, as his operating experience and brand/IP focus uniquely position him to help lead the integration of Paramount Skydance and WBD and build the combined business into a best-in-class content and IP platform," said Matthew Condon, analyst at Citizens Bank, in a research note published this week.

Ellison's focus will be on the company's long-term strategy, creative vision, technology and capital allocation, and Kreiz will be responsible for the company's day-to-day management and the integration of the combined businesses, the company said in announcing his role.

"Kreiz has extensive experience in media and entertainment from before his time at Mattel," Matthew Dolgin, senior equity analyst at Morningstar, wrote in a research note this week. However, "We don't necessarily think he is the best conceivable choice to handle this task."

"He undoubtedly is an experienced hand who fills a void that had been present, leaving the firm better positioned with him, in our view, than it was without him," Dolgin wrote. "Though his title is co-CEO, we view Kreiz as a chief operating officer."

Mattel turnaroundPrior to his eight-year stint as Mattel CEO, Kreiz was chief executive and chairman of Maker Studios, which was sold to The Walt Disney Co. in 2014. Before that he was the chairman and CEO of Endemol Group, one of the world's largest independent television production companies. Earlier in his career, Kreiz co-founded Fox Kids Group Europe, a children's entertainment company, which was also acquired by Disney in 2002.

"It's an excellent choice for Paramount," Eric Handler, managing director and senior media and entertainment analyst at Roth Capital Partners, told CNBC.

When Kreiz took the helm at Mattel in 2018, he was the fourth CEO in four years to take control of the toy company. At that time, the company's Fisher-Price, Barbie and American Girl brands were struggling to connect with changing consumer tastes and Mattel was reeling from the recent bankruptcy of Toys R Us.

"Mattel had like a four-year revenue downturn, gone from being quite profitable to losing money, and he turned that around in like two years," Handler said.

Wall Street analysts told CNBC that Kreiz's experience righting the ship at Mattel will help Skydance navigate a sprawling and complex merger.

"He got off to a really great start [at Mattel] because he did some structural improvements," said Gerrick Johnson, equity research analyst at Seaport Research Partners. "They eliminated a lot of SKUs, rationalized the business lines ... They did a great job of cutting like $1 billion worth of cost right out of the gate, becoming more flexible, quicker to market."

As part of these cost-cutting measures, Kreiz restructured Mattel's supply chain, reduced the number of toys it produced, closed several manufacturing facilities and reduced the overall workforce by 2,200 employees. He prioritized creating free cash flow and deleveraging the company's balance sheet.

"Net-net, we believe Mr. Kreiz's operational experience restructuring and turning around Mattel, coupled with his focus on developing world-class IP, uniquely positions him for the co-CEO role and to lead the integration of Paramount Skydance and WBD — an integration largely predicated on high expense synergies, and ultimately, building a best-in-class content and IP platform," wrote Citizens' Condon.

Film strategyOne of the first major initiatives Kreiz instituted upon taking over Mattel was the launch of an in-house film division. The strategy was to use the box office as a catalyst for toy sales.

Through this venture, Mattel partnered with the Warner Bros. studio to bring Barbie to the big screen. The film, directed by Greta Gerwig and starring Margot Robbie and Ryan Gosling, generated more than $1.4 billion at the global box office and revitalized the Barbie brand.

While "Barbie" was a box office hit, most of the revenue from the film went to Warner Bros. and theatrical partners. Mattel reported it received just a $150 million revenue boost in fiscal 2023, the year the film was released.

"You can't argue that Barbie wasn't anything but a tremendous success," Johnson said. "But for Mattel, it didn't translate to the bottom line. Mattel that year generated an incremental $90 million in operating profit, so that's like 13% growth on a consolidated basis with the 'Barbie' movie. Barbie revenue was up 3% that year, but Barbie revenue since is down 22%. ... So, a massive deterioration of that Barbie brand since."

Some Wall Street analysts suggested Kreiz became too focused on the entertainment side of Mattel's business, leading to stagnation in toy innovation and slower sales.

"Post-Covid, earnings have been very stagnant," Johnson said. "The top line has flatlined. Margin growth has stalled. Innovation has stalled, and it just seems like a classic, you know, taking the eye off the ball."

Mattel's stock has also "done a round trip under Kreiz's tenure," Jaime Katz, senior analyst at Morningstar, wrote in a research note published Tuesday. While shares roughly doubled to the mid-$20 range during his time as CEO, they ultimately fell back to around $15 apiece.

"Kreiz's strategy to establish Mattel as an IP-driven, high-performing toy company has largely fallen flat," Katz said.

Mattel stock during Ynon Kreiz's tenure.

Merging Paramount and WBDStill, analysts see Kreiz as an asset to Skydance and Ellison as the company begins a lengthy merger process.

The combination of Paramount and Warner Bros. Discovery into Skydance could take between two and three years in total, Laura Martin, analyst at Needham, wrote in a note to investors published Thursday.

Paramount Skydance has said it intends to realize $6 billion in cost savings through the merger within three years of closing. At the same time, Ellison and Kreiz will be facing around $79 billion in debt once the transaction is complete.

"Over time, we expect cost synergies to be higher than the $6 billion promised," Martin wrote.

While Paramount executives have said the majority of that savings target will be found in nonlabor costs, exactly where the savings will come from remains to be seen.

Ellison has previously said he intends to combine the Paramount+ and HBO Max streaming services into one platform for consumers. That could naturally result in shrinking the infrastructure around those businesses.

In film, Skydance will now be home to the Warner Bros. and Paramount studios in addition to its DC studio — and it will have lofty production targets to meet.

In order to settle a lawsuit by a group of state attorneys general seeking to block the deal over antitrust concerns, Paramount Skydance agreed to release at least 30 films per year into theaters in 2027 and 2028 and at least 32 films annually in 2029, 2030 and 2031. It's unclear how much cost cutting the studios could absorb and still achieve these quotas.

Over at CBS, Skydance has agreed to prohibit writer layoffs on the broadcast team for at least five years.

Yet, a report from the Department of Economic Opportunity in Los Angeles suggests that 4,500 film and TV jobs in the county are at risk over a three-year period when the companies combine operations.

"[Kreiz has] got a big task ahead of him," Handler said. "You know, there's a huge amount of debt, a massive integration situation that he's facing. But I think he'll do a great job with it."

Following its $110 billion merger with Warner Bros., David Ellison's media company, Paramount Skydance Corp. (PSKY, Financials), is preparing to take on the Skydance name. Discovery is drawing nearer to its goal.

The combined company will have a single corporate identity, but the names of the Warner Bros. and Paramount studios will not change. For investors, though, the name is the most straightforward part of the deal.

The merger is expected to be finalized next week, according to the newspaper, after a federal court approved a settlement in an antitrust case launched by twelve state attorneys general.

Integration will shortly be the focus when the deal closes. While assembling a substantial collection of film, television, and streaming assets, Skydance will need to maintain the value of two well-known entertainment enterprises.

The combined scale may provide greater technology opportunities and a broader global reach, but it also occurs at a time when traditional television is constantly being attacked and streaming is still a very competitive sector.

Execution is therefore more crucial. A $110 billion merger will ultimately be assessed by investors based on whether the scale leads to better economics rather than just a larger media company.

The next trigger will be the expected Warner Bros. Discovery acquisition close next week, which will be followed by details about management's plans to merge the two businesses.

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Paramount streaming head Cindy Holland is leaving the company, making way for HBO's Casey Bloys.

28.9.2026 22:09

Americké akciové trhy během dnešního obchodování oslabily v důsledku napětí mezi USA a Íránem, které vyvolalo obavy z vyšší inflace a možného dalšího zvýšení úrokových sazeb. Index Dow Jones klesl o 0,67 % na 51 481,81 bodu, S&P 500 ztratil 0,77 % na 7 683,82 bodu a technologický Nasdaq Composite odepsal 0,92 % na 26 820,38 bodu.

Z jednotlivých odvětví se dařilo defenzivním oborům. Mírný zisk zaznamenaly sektory nezbytné spotřeby s růstem o 0,4 %, zdravotní péče o 0,3 % a energií o 0,2 %. Naopak největší propad utrpěly komunikační služby se ztrátou 1,7 %, zbytná spotřeba oslabila o 1,6 % a finanční sektor klesl o 1,1 %.

Mezi nejvýrazněji posilující akcie z indexu S&P 500 se zařadily společnosti Palo Alto Networks (PANW) s růstem o 4,6 %, Everpure (P) se ziskem 2,7 %, Crowdstrike Holdings (CRWD) o 2,8 %, Viatris (VTRS) o 2,5 % a Paramount Skydance Corp (PSKY) o 3,2 %. Na opačné straně výrazně ztratily firmy Bloom Energy Corp (BE) s poklesem o 9,0 %, DoorDash (DASH) se ztrátou 7,7 %, QUALCOMM (QCOM) o 7,2 %, Carvana (CVNA) o 7,1 % a Boeing (BA) o 6,9 %.

Na komoditních trzích vzrostla cena americké lehké ropy WTI o 0,3 % na 92,72 dolaru za barel a severomořská ropa Brent se držela kolem 105 dolarů. Zlato naopak výrazně oslabilo o 3,6 % na 4 132,25 dolaru za trojskou unci. Výnosy desetiletých amerických státních dluhopisů vzrostly o devět bazických bodů na 5,25 %. Americký dolar posílil, zatímco euro vůči němu kleslo o 0,2 % na 1,1368 USD.

Index Dow Jones -0,67 % na 51481,81 b.
S&P 500 -0,77 % na 7683,82 b.
Nasdaq Composite -0,92 % na 26820,38 b.

Index S&P 500 -0,77 % na 7683,82 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Nezbytná spotřeba +0,4 % Komunikační služby -1,7 % Zdravotní péče +0,3 % Zbytná spotřeba -1,6 % Energie +0,2 % Finanční sektor -1,1 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna Palo Alto Networks (PANW) +4,6 % Bloom Energy Corp (BE) -9,0 % Paramount Skydance Corp (PSKY) +3,2 % DoorDash (DASH) -7,7 % Crowdstrike Holdings (CRWD) +2,8 % QUALCOMM (QCOM) -7,2 % Everpure (P) +2,7 % Carvana (CVNA) -7,1 % Viatris (VTRS) +2,5 % Boeing (BA) -6,9 %
Daniel Marván
Fio banka, a.s.
Prohlášení

Bloomberg entertainment reporter Lucas Shaw is on Bloomberg This Weekend examining Paramount Skydance's acquisition of Warner Bros. Discovery and the challenge of turning two legacy media companies into a growing business as cable declines and streaming growth slows.

Paramount has started syndication for a proposed senior secured term loan of $7.5 billion – a chunk of change it needs to fund the acquisition of Warner Bros. Discovery. It began the process after a legal settlement earlier this week paved the way for the merger to close.

Paramount intends to raise approximately $44.4 billion of additional secured debt plus previously announced financings and will “utilize the net proceeds of these borrowings, together with cash on hand and the net proceeds of the previously announced equity financing, to finance the purchase price for its previously announced acquisition of Warner Bros. Discovery and the repayment of certain existing debt,” the company said today.

On Monday, it settled an antitrust suit brought a group of 12 State Attorneys General led by California’s Rob Bonta. Bankers then started reaching out to investors ahead of the sale of what’s said to be $49 billion in total debt financing.

The judge in the case must approve the settlement.

That includes the $7.5 billion of investment-grade loans, which started moving forward today; about $30 billion of investment-grade bonds; and some $12 billion of second-lien bonds. Debt syndication is a collaborative process led by underwriters where a group of lenders pool resources to fund a large loan for one borrower – in this case Paramount.

Bank of America, Citigroup and Apollo underwrote the buyout debt package, one of the biggest ever and with many moving pieces, to fund the takeover.

The other half of the merger equation is equity, financing. Larry Ellison had personally committed to backstop over $40 billion in equity financing for the mega-deal, defrayed in large part by a trio of Middle Eastern sovereign wealth funds led by Saudi Arabia that agreed to come on as investors — and will wind up with hefty combined equity stake in the combined company.

A report in Semafor yesterday said Paramount was considering tapping Elon Musk and other wealthy individuals to join a syndicate of equity investors.

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Paramount WB

Both Paramount and Warner Bros. jumped on Monday after settling an antitrust lawsuit that could have blocked the merger.

Paramount is not leaving California — at least not anytime soon. The settlement of the anti-trust lawsuit filed by 12 state attorneys general calls for the company, which is set to acquire WBD shortly, to keep both the Paramount lot on Melrose and the Warner Bros. lot in Burbank for the next five years.

“We wanted those lots to be protected, they are part of the the broader solution, and I believe that the future of this merged company is in Los Angeles for many years to come for the foreseeable future,” California AG Rob Bonta said during his press conference about the settlement Monday morning.

Bonta was asked about the status of the Paramount headquarters, currently located in Los Angeles.

“I believe that will be the case, that they will have their headquarters in California for the foreseeable future,” he said, adding, “It’s not part of the deal, I believe there will be public statements.”

There had been no public statements on the matter. Paramount Chairman and CEO David Ellison did not address it in his official statement or his company memo on the settlement Monday, the latter of which noted the combined company’s commitment to producing 30+ movies a year and expand U.S. film production.

Hours later, Ellison stepped in to clear the confusion.

“Let me be clear: the newly merged company will be headquartered in Los Angeles,” he said. “We aren’t going anywhere. Our history is here and this is where our future is being built.”

This brings to an end weeks of tension that culminated in an alleged ultimatum that Paramount would move its headquarters to Tennessee, Texas or Georgia if the anti-trust lawsuit filed by the state AGs was not settled by October 1 when a costly ticking fee to WBD was set to kick in.

Per the settlement’s consent decree, the bulked up post-merger Paramount “shall not sell or close the Paramount or Warner Bros. Lots and shall use commercially reasonable efforts to operate the Lots in a manner consistent with past practices, including leasing use to third parties and producing films and television shows.”

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California Attorney General Rob Bonta announced an antitrust settlement reached with Paramount Skydance that he says will protect jobs. This clears the way for Paramount to take over Warner Bros.

The $81 billion merger is poised to reshape Hollywood.

Paramount has reached a settlement with California Attorney General Rob Bonta over a multi-state antitrust lawsuit, paving the way for its massive Warner Bros. Discovery merger, according to sources.

By approximately 10:20 a.m. ET, shares in Paramount and Warner Bros. Discovery jumped 6.6% and 9.8%, respectively, after reports that advanced settlement talks over the weekend had been successful.

The settlement terms include a commitment to release 30 movies a year; a multiyear pledge to remain in California, after previously threatening to exit; and independent editorial boards for CBS News and CNN, sources told The Post.

Paramount Skydance CEO David Ellison (above) has threatened to exit California. Getty Images The Wall Street Journal had reported on several possible concessions, including a $1.5 billion investment in California production and a possible penalty if Paramount doesn’t deliver on its 30-film promise, including the sale of Miramax, home to classics like “Pulp Fiction.”

Sources told The Post the deciding factor in the settlement was New York Attorney General Letitia James coming to the table. James – who is up for re-election in New York – represents thousands of New Yorkers who work for Paramount and Warner Bros.

Massachusetts, Connecticut and Minnesota had also opposed the deal, but the holdouts ultimately decided the cost of the legal battle wasn’t justifiable if California wasn’t also on board, according to Bloomberg.

Paramount and Bonta did not immediately respond to The Post’s requests for comment.

President Trump’s Department of Justice in June greenlit the deal, which would combine HBO Max, Paramount+, HBO, CBS, CNN and thousands of movie titles under one company led by David Ellison, the son of Oracle billionaire and Trump ally Larry Ellison.

In July, 12 state attorneys general, led by Bonta, filed an antitrust suit to block the deal, alleging it would lead to higher prices for consumers, less content for film and television and fewer jobs.

The Writers Guild of America also sued to kill the merger, arguing the deal would eliminate jobs for Hollywood screenwriters.

New York Attorney General Letitia James (above) had pushed back on the deal. Paul Martinka for NY Post In recent days, Bonta had been rushing to reach a deal out of court, concerned that Paramount could follow through on its threats to leave the state – taking with it thousands of jobs and roughly $21 billion in annual economic output.

Without a settlement, the case was set to go to trial in California next March, delaying and potentially killing the deal altogether since a costly “ticking fee” kicks in Oct. 1.

The fee, which was wrapped into the deal agreement, meant Paramount would need to pay Warner shareholders roughly $650 million a quarter – or $7 million a day – until the deal is closed.

Paramount had asked a federal judge to force the states and the Writers Guild to supply a roughly $1.9 billion bond that will go to the company if it ultimately wins against the lawsuit.

Though Bonta had been leading the lawsuit campaign, other top officials in California have been pressuring him to reach a deal over the potential risks if the deal falls apart.

California Governor Gavin Newsom reportedly warned that state employment could suffer if the deal is blocked in court, while Los Angeles Mayor Karen Bass said last week that she’s “going to fight like hell” to protect production in the city.

Warner Bros. Discovery and Paramount Skydance shares rose in premarket trading as investors focused on the merger talks. Summary

The reported settlement terms could also require a Miramax sale if the target is missed.

Paramount Skydance (PSKY, Financials), a media and entertainment company, could face a significant financial obligation under reported settlement terms tied to its planned acquisition of Warner Bros. Discovery.

According to Bloomberg, Paramount would pay $30 million for each film it falls short of an agreement to distribute at least 30 movies in theaters annually. The reported terms could also require the company to sell its stake in Miramax if it fails to meet the target.

Paramount has previously offered the 30-film commitment to major theater chains as it sought support for the proposed $110 billion transaction. California Attorney General Rob Bonta has questioned such remedies, arguing that they could be difficult to enforce.

The proposed deal is also facing legal challenges from attorneys general in 12 states and the Writers Guild, which have argued that the combination would increase Paramount's share of the movie and cable-TV industries.

Despite the uncertainty, Warner Bros. Discovery shares rose 7.1% in premarket trading, while Paramount Skydance gained 6%, according to the report.

For investors, the next catalyst is whether the reported settlement terms become part of a final agreement and whether remaining legal challenges are resolved. The structure of those conditions could determine the financial and operating obligations attached to the merger.

Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.

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Společnost Paramount Skydance výrazně pokročila v jednáních o mimosoudním urovnání sporu, který ohrožuje plánované převzetí Warner Bros. Discovery v hodnotě 110 miliard dolarů. Podle informací deníku The Wall Street Journal je firma ochotna investovat 1,5 miliardy dolarů do filmové produkce v Kalifornii, zachovat klíčová studia i pracovní místa a přijmout další závazky týkající se mediálního podnikání.

Kalifornský generální prokurátor Rob Bonta a zástupci americké mediální společnosti Paramount Skydance výrazně pokročili v jednání ohledně mimosoudního urovnání sporu o plánovanou akvizici společnosti Warner Bros. Discovery. Paramount přistoupil na řadu ústupků, včetně investice za 1,5 miliardy dolarů (31,8 miliardy Kč) do filmové produkce v Kalifornii, uvedl s odvoláním na informované zdroje server listu The Wall Street Journal (WSJ).

K ústupkům, o nichž se jednalo, patří také závazek neprodat ani jedno ze studií a zůstat v Kalifornii, dodal WSJ. Mezi další zvažovaná opatření patří prodej některých kabelových kanálů a vytvoření správní rady, která by pomohla zajistit, že si televize CNN zachová redakční nezávislost, uvedl server. Televize CNN patří do Warner Bros. Discovery.

Strany rovněž projednávaly možné sankce, pokud by Paramount Skydance nesplnil dřívější slib produkovat po fúzi 30 filmů ročně. Mohlo by jít například o odprodej podílu ve společnosti Miramax, která stála za filmy jako Tahle země není pro starý nebo Pulp Fiction.

Kalifornie a dalších 11 států USA v červenci podaly žalobu s cílem zablokovat převzetí Warner Bros. Discovery společností Paramount Skydance za 110 miliard dolarů (2,3 bilionu Kč).

Transakce by podle žaloby omezila hospodářskou soutěž v distribuci filmů a v odvětví kabelového vysílání, což by poškodilo kina a distributory placené televize. Státy rovněž tvrdí, že spojení by mohlo zvýšit ceny pro spotřebitele a zhoršit vyjednávací pozici pracovníků při vyjednávání o mzdách.

Americké ministerstvo spravedlnosti v červnu ukončilo své antimonopolní šetření a dospělo k závěru, že transakce pravděpodobně nepoškodí hospodářskou soutěž. Obchod podle jeho mínění nepoškodí hospodářskou soutěž. Později obchod schválily také Evropská komise a britské úřady.

Skupina Warner Bros. Discovery vznikla v roce 2022 spojením firem WarnerMedia a Discovery. Do portfolia skupiny patří slavné filmové studio Warner Bros s právy na řadu filmových příběhů a postav, včetně franšíz Harry Potter, DC Comics nebo Teorie velkého třesku.

Součástí skupiny jsou rovněž kanály HBO, Animal Planet či zpravodajská televize CNN. Ta za své zpravodajství dlouhodobě čelí kritice od amerického prezidenta Donalda Trumpa.

Paramount Skydance vznikl fúzí mediálních firem Paramount Global a Skydance Media, kterou úřady schválily na konci loňského července. Součástí skupiny je například filmové a televizní studio Paramount Pictures, televizní síť CBS či streamovací služba Paramount+.

The Paramount water tower on the Paramount Studio lot in Hollywood, Los Angeles, California, US, September 17, 2026. REUTERS/Daniel Cole Paramount (PSKY.O) and California's ​attorney general ‌have discussed a range ​of concessions ​as part of ⁠advanced settlement ​negotiations, including ​a $1.5 billion investment in production ​in the ​state, the Wall ‌Street ⁠Journal reported on Sunday, citing people ​familiar ​with ⁠the talks.

Reuters could ​not ​immediately ⁠verify the report.