Warner Bros. Discovery to Delist Euro Notes Amid Paramount Skydance…

Event summary

Warner Bros. Discovery plans to delist its 4.302% Senior Notes due 2030 and 4.693% Senior Notes due 2033 from Nasdaq Global Market.
The delisting is part of the pending acquisition by Paramount Skydance Corporation, subject to customary closing conditions.
WBD expects to file a Notification of Removal From Listing on Form 25 with the SEC on or around October 6, 2026.
The delisting will be effective 10 days after the filing of Form 25, and the Euro Notes will no longer trade on Nasdaq Global.
Neither WBD nor PSKY have made arrangements for the listing and/or registration of the Euro Notes on another national securities exchange.

The big picture

Warner Bros. Discovery's decision to delist its Euro Notes is a strategic move to streamline its financial structure ahead of the pending acquisition by Paramount Skydance Corporation. This action reflects the broader trend of media companies optimizing their capital structures in anticipation of major corporate transactions. The delisting, while not affecting the terms of the notes, signals a shift in governance and financial reporting obligations, which could have implications for investor relations and market transparency.

What we're watching

Regulatory Compliance: How the SEC's review of the Form 25 filing could impact the timeline and execution of the delisting process.
Market Impact: Whether the delisting of the Euro Notes will affect investor confidence and the market perception of WBD's financial stability.
Acquisition Integration: The pace at which Paramount Skydance Corporation can integrate WBD's operations and address potential disruptions in management focus.