● PARAMOUNT CLOSES WARNER BROS DISCOVERY MERGER

Paramount Skydance and Warner Bros. Discovery became a single company Tuesday after their merger officially closed. WBD shareholders received $31.02 per share in cash, and the combined entity, renamed Skydance, began trading on the NYSE under ticker $SKYD with nearly $70 billion in combined annual revenue. Management is targeting more than $6 billion in run-rate synergies within three years.