Form 4: Director's Stock Conversion Post-Paramount Skydance Merger

Linda M. Griego, a director, converted her Paramount Global Class B common stock and vested RSUs into Paramount Skydance Class B common stock following the merger.

Summary

• Director Linda M. Griego reported changes in beneficial ownership of Class B common stock.
• The changes occurred on August 7, 2025, following the completion of the merger transactions involving Skydance Media, Paramount Global, and Paramount Skydance Corporation.
• Griego became entitled to 16,340 shares of Paramount Global Class B common stock upon vesting of Restricted Share Units (RSUs) immediately prior to the merger closing, with receipt previously deferred.
• She disposed of 98,429 shares of Paramount Global common stock, which included 82,132 shares underlying vested RSUs for which receipt was deferred.
• She acquired 88,500 shares of Paramount Skydance Class B common stock.
• Following these transactions, Griego beneficially owns 88,500 shares of Paramount Skydance Class B common stock.
• Each share of Paramount Global Class B common stock converted into one share of Paramount Skydance Class B common stock, or a cash election of $15.00 per share, subject to proration.

Sentiment

Score: 7

Explanation: Neutral to slightly positive. The filing is a procedural report of a director's stock conversion following a major corporate merger. The completion of the merger and the director's continued significant ownership in the new entity are generally seen as stable, expected outcomes, without indicating any immediate negative surprises.

Positives

• Director Linda M. Griego now holds a significant stake of 88,500 shares in the newly formed Paramount Skydance Corporation, aligning her interests with the new entity's performance.

Negatives

• The disposition of all Paramount Global Class B common stock by the director indicates the full transition away from the legacy entity's shares.

Risks

• Holding equity in Paramount Skydance Corporation carries market risk, as the value of the shares can fluctuate based on company performance and broader market conditions.

Future Outlook

NA

Industry Context

The merger of Paramount Global and Skydance Media is a significant event in the media and entertainment industry, consolidating assets and potentially creating a stronger competitor in content creation and distribution. This filing reflects the post-merger ownership structure for an insider, indicating the procedural completion of the transaction for key personnel.

Corporate Governance

Stakeholder Impact

• Shareholders: Paramount Global shareholders who did not elect cash received shares in Paramount Skydance, becoming shareholders of the new entity.
• Investors: Provides transparency on insider holdings in the newly formed Paramount Skydance Corporation.

Key Dates

Keywords

Paramount Skydance, PSKY, Linda M. Griego, Form 4, Insider Trading, Merger, Stock Conversion, Restricted Share Units, Corporate Governance, Director Holdings