$WBD · Warner Bros. Discovery, Inc.

On October 6, 2026, Skydance Corporation completed its acquisition of Warner Bros. Discovery via the merger of Prince Sub Inc. into WBD, with WBD surviving as a wholly owned Skydance subsidiary. In connection with the closing, WBD repaid and terminated all outstanding credit commitments under its June 2026 First Lien Credit Agreement and October 2024 Credit Agreement. WBD subsidiaries also entered into guarantee arrangements for Skydance's debt. Separately, the Board ratified 396,804 RSUs granted after the 2005 Non-Employee Director Incentive Plan's May 20, 2025 expiration date as defectivecor

Price data unavailable — no regular-session trading has occurred since the filing. The merger closing transforms WBD from an independent public company into a Skydance subsidiary, with outstanding equity awards converting to cash per the merger consideration.

The merger closes one of the largest media deals of the decade, eliminating WBD as an independent public company and consolidating its assets under Skydance.

This merger closes one of the largest media-industry consolidations, folding WBD's content library and studios under Skydance. The deal follows the broader trend of legacy media companies seeking scale or exit via acquisition.

The DGCL Section 204 ratification of 396,804 post-expiration RSU grants (288,000 in June 2025, 108,804 in June 2026) and 120,000 shares issued signals a governance failure — awards were granted after the plan's May 20, 2025 expiration. Any claims challenging the ratification must be brought within 1