Form 4: CEO Robbins Converts Paramount Global Holdings to Paramount Skydance

Paramount Skydance CEO Brian Robbins converted his Paramount Global equity and derivative holdings into equivalent Paramount Skydance securities following the completion of the merger.

Summary

• Brian Robbins, Officer (Office of the CEO) of Paramount Skydance Corp, reported changes in his beneficial ownership following the completion of the merger between Paramount Global and Skydance Media into subsidiaries of Paramount Skydance Corporation on August 7, 2025.
• He disposed of 442,123 shares of Paramount Global Class B common stock directly and acquired 172,756 shares of Paramount Skydance Class B common stock.
• Indirectly, through a Family LLC, he disposed of 182 shares of Paramount Global Class B common stock and acquired 72 shares of Paramount Skydance Class B common stock.
• Each share of Paramount Global Class B common stock converted into the right to receive one share of Paramount Skydance Class B common stock, or at the election of the holder, cash in the amount of $15.00 per share, subject to proration.
• Robbins also converted 474,860 Paramount Global Restricted Share Units (RSUs) into 474,860 Paramount Skydance RSUs. These new RSUs will vest in three equal annual installments beginning March 1, 2026.
• Additionally, he converted 9,080 Paramount Global stock options (with an exercise price of $56.06 and an expiration date of January 31, 2026) and 24,470 Paramount Global stock options (with an exercise price of $51.76 and an expiration date of November 30, 2026) into equivalent Paramount Skydance stock options. All these options are fully vested.

Sentiment

Score: 5

Explanation: The filing is a neutral, factual report of a mandatory security conversion following a merger. It provides no new positive or negative operational or financial information beyond the expected completion of the transaction.

Future Outlook

The acquired Paramount Skydance Restricted Share Units (RSUs) will vest in three equal annual installments beginning on March 1, 2026.

Industry Context

This Form 4 reflects the finalization of a significant merger in the media and entertainment industry, creating a new entity, Paramount Skydance Corporation. This consolidation is part of a broader trend of media companies seeking scale and diversified content portfolios to compete in a rapidly evolving streaming and content landscape.

Comparison to Industry Standards

• This is a standard Form 4 filing reporting a conversion of securities due to a merger, a common occurrence in corporate restructuring.
• The conversion terms, such as the 1:1 stock conversion and the cash election option, are typical for such transactions, similar to how AT&T shareholders received Warner Bros. Discovery shares or how Disney acquired Fox assets.
• The specific financial terms, including the $15.00 cash election price and the stock option strike prices, are unique to this particular deal but the underlying mechanism of equity award assumption and conversion is standard practice in mergers.

Stakeholder Impact

• Shareholders: Paramount Global shareholders, including Brian Robbins, had their shares converted into Paramount Skydance shares or received cash, as per the merger agreement. This impacts their ownership structure and the entity they now hold shares in.
• Employees (with equity): Employees holding Paramount Global RSUs and stock options, like Brian Robbins, had their equity awards converted into Paramount Skydance equivalents, maintaining their incentive structure within the new entity.

Next Steps

• Paramount Skydance Restricted Share Units will vest in three equal annual installments beginning March 1, 2026.

Key Dates

Keywords

Paramount Skydance, PSKY, Brian Robbins, Form 4, Beneficial Ownership, Merger, Stock Conversion, Restricted Share Units, Stock Options, Paramount Global, Skydance Media