David Ellison said the vision behind Skydance Corp., formed Tuesday by the closing of the Paramount-Warner Bros. Discovery merger, was to “create a stronger competitor” and build a company that “empowers creatives, entertains audiences and rewards shareholders.”
\n\nBut on Day One of the new Skydance, investors seem skeptical of its prospects: Shares of the company, newly listed on the New York Stock Exchange under the ticket symbol “SKYD,” drooped 2.7%, closing at $9.51 per share at the close of regular trading Tuesday. During the day, the stock was down as much as -6% but briefly crossed into positive territory with an intraday high of $9.84/share.
\n\nParamount Skydance voluntarily withdrew its Class B common stock from the Nasdaq Global Select Market (under the ticker “PSKY”), and listing and trading of those shares ended at market close Monday, Oct. 5. Trading of SKYD shares began on the NYSE at market open Tuesday.
\n\nNext week, a big bunch of shares in Skydance Corp. will be available to holders of PSKY stock to purchase for an initial exercise price (strike price) of $12 per share — meaning that, for now, those are underwater.
\n\nThe company’s board set Oct. 13 as the date to distribute…
Original source: https://variety.com/v/tv/