Warner Bros. Discovery, Inc. Merger Transaction

On October 6, 2026, Warner Bros. Discovery, Inc. (WBD) merged with Skydance Corporation, with WBD surviving as a subsidiary of Skydance. In the merger, each share of WBD's Series A common stock was converted into $31.01666668 in cash. Outstanding unvested restricted stock units (RSUs) and performance restricted stock units (PRSUs) were cancelled and converted into contingent cash awards. Options with an exercise price at or above the Per Share Merger Consideration were cancelled. Unvested options were converted into contingent cash awards equal to the difference between the Per Share Merger Consideration and the exercise price. Gunnar Wiedenfels, Chief Financial Officer, reported several transactions including the disposal of Series A Common Stock and employee stock options as part of this merger.