Paramount Skydance Corp Files 8‑K for Pending Merger with Warner Bros. Discovery

What Happened
Paramount Skydance Corporation (PSKY) filed a Form 8‑K on July 31, 2026 to provide financial information in connection with its pending merger with Warner Bros. Discovery (WBD). The filing incorporates WBD’s audited consolidated financial statements (as of Dec. 31, 2025 and 2024, and for the three fiscal years ended Dec. 31, 2025) and WBD’s interim unaudited condensed consolidated financial statements as of Mar. 31, 2026. PSKY also attached unaudited pro forma condensed combined financial statements showing Paramount Skydance after giving effect to the merger.

Key Details

• WBD audited consolidated financial statements (as of Dec. 31, 2025 and 2024 and for the three years ended Dec. 31, 2025) are incorporated by reference as Exhibit 99.1 (filed by WBD with the SEC on Feb. 27, 2026).
• WBD interim unaudited condensed consolidated financial statements as of Mar. 31, 2026 and for the three months ended Mar. 31, 2026 and Mar. 31, 2025 are incorporated by reference as Exhibit 99.2 (filed May 6, 2026).
• PSKY attached unaudited pro forma condensed combined financial statements for the combined company as Exhibit 99.3 (covering the three months ended Mar. 31, 2026 and the year ended Dec. 31, 2025).
• Exhibit 23.1 contains PwC’s consent related to WBD’s audited financial statements. The filing reiterates that the business has not yet been acquired and includes extensive forward‑looking statements about closing timing, financing, capital structure, potential dilution and regulatory approvals.

Why It Matters
This 8‑K gives investors the underlying audited and interim financial information for WBD and the pro forma view of the combined company — essential inputs to evaluate how the merger could affect Paramount Skydance’s revenue, expenses, debt levels and potential dilution. The filing also highlights key uncertainties the companies have identified (timing of closing, financing needs and structure, regulatory approvals, and integration risks), which could materially affect the transaction’s outcome and the combined company’s financial position. Investors should review the referenced WBD and Paramount filings (10‑K and 10‑Q) and the attached pro forma statements to assess financial impact and risks.