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Todd Spangler
NY Digital Editor
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Courtesy of Skydance Corp. Shares of Skydance Corp., formed through the merger of Paramount and Warner Bros. Discovery, fell as much as 25% in trading Wednesday. The drop came as the Skydance, led by chairman and CEO David Ellison, distributed about 471 million warrants giving holders of Paramount Skydance’s PSKY Class B shares the option to purchase stock in the new company.
As of 11 a.m. ET, the stock price of Skydance — which began trading Oct. 6 on the New York Stock Exchange under the symbol “SKYD” — was down 25.4%, to $6.78/share. The company’s current market capitalization is estimated at about $34 billion.
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