TLDRSKYD stock plunged 22.33% to $7.05 as warrants began separate trading on NYSE.Skydance issued 471 million warrants following its Warner Bros. Discovery deal.NYSE cut SKYD’s reference price from $9.27 to $9.07 after warrant distribution.New SKYD.WS warrants carried a $2.20 closing price on October 13, 2026, on NYSE.Skydance valued common shares and warrants together at roughly $46.6 billion.Paramount Skydance Corporation plunged 22.33% to $7.05 on Wednesday, October 14, losing $2.03 per share. The decline coincided with the separate trading of approximately 471 million warrants following the Warner Bros. Discovery acquisition. Skydance outlined the NYSE’s share price adjustment and explained how the warrants affect its $46.6 billion equity valuation.Skydance Corporation, SKYDSkydance Stock Drops as 471 Million Warrants Begin TradingSkydance completed its acquisition of Warner Bros. Discovery on October 6, 2026, expanding its global entertainment operations. As part of the transaction, the company issued warrants to eligible public shareholders on October 13. The distribution covered approximately 9% of its outstanding Class B common shares, while other shareholders received no warrants.Each eligible shareholder received one warrant for every Class B share held on the October 5 record date. The warrants give holders the right to purchase one additional Class B common share under their terms. The NYSE began trading the new securities under the ticker SKYD.WS on October 13.October 14 marked the ex-dividend date, separating the warrant distribution from the underlying common shares. SKYD shares and SKYD.WS warrants now trade independently, allowing the market to establish separate prices. Skydance shares ended Wednesday at $7.05, below the NYSE’s adjusted reference price of approximately $9.07.NYSE Adjusts Skydance Share Price Following Warrant DistributionThe NYSE announced a $0.19368 adjustment to Skydance’s Class B common stock reference price on October 13. This adjustment reduced the reference value from approximately $9.27 to $9.07 ahead of separate trading. The exchange based its calculation on the warrants’ official closing price of $2.20 that day.NYSE applied the adjustment proportionally rather than deducting the full warrant price from every common share. Approximately 471 million eligible shares received warrants, compared with about 5 billion Class B shares outstanding. The exchange calculated the adjustment using the eligible shares’ share of the company’s outstanding stock.Skydance’s illustrative figures placed its market capitalization at $46.6 billion before the warrant separation. Following the adjustment, the company’s calculations showed common share market capitalization declining to approximately $45.6 billion. The new warrants represented approximately $1 billion in additional value, maintaining the illustrative combined equity valuation at $46.6 billion.Warner Bros. Acquisition Expands Skydance Entertainment PortfolioThe Warner Bros. Discovery acquisition brought several major entertainment businesses into Skydance’s existing corporate structure. These include Warner Bros., HBO, HBO Max, CNN, and popular television brands across entertainment and factual programming. The combined company operates across studios, direct-to-consumer services, and traditional television media.Skydance’s portfolio also includes Paramount, CBS, Paramount+, Pluto TV, Nickelodeon, MTV, and Comedy Central. These businesses provide film production, streaming distribution, television programming, sports coverage, and advertising services. The wider portfolio gives the company operations across several major segments of the global entertainment market.The warrant distribution represents a separate financial development following the acquisition rather than another operating transaction. Although the reference adjustment accounted for approximately $1 billion in warrant value, Wednesday’s stock decline extended beyond that calculation. SKYD closed at $7.05, while the company continued trading under its expanded entertainment structure. The post Paramount Skydance Corporation (SKYD) Stock: Shares and Warrants Begin Separate Trading After $46.6 Billion Valuation appeared first on Blockonomi.