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Todd Spangler
NY Digital Editor
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Courtesy of Paramount David Ellison’s freshly formed Skydance Corp. is off to a rocky start on Wall Street.
He won Warner Bros. Discovery after a yearlong battle. But investors, at this point, appear to believe he wildly overpaid for the deal — that the newly merged company, dubbed Skydance Corp., is worth nowhere near the $78 billion in cash Paramount shelled out for WBD.
As of Oct. 5, the last day of trading for WBD and Paramount Skydance (PSKY) on Nasdaq, Warner Bros. Discovery had a market capitalization of $77.7 billion and Paramount was around $11 billion. Today, Skydance has a market cap of under $40 billion — less than half the predecessor companies’ combined value.
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