Form 4: Paramount Skydance Director Converts Shares Post-Merger

Paramount Skydance Director Roanne Sragow Licht converted her Paramount Global Class B common stock and vested Restricted Share Units into Paramount Skydance Class B common stock following the completion of the Skydance merger.

Summary

• Roanne Sragow Licht, a Director of Paramount Skydance Corp (PSKY), reported transactions related to the company's recent merger.
• On August 7, 2025, the previously announced merger transactions involving Skydance Media, LLC, Paramount Global, and Paramount Skydance Corporation were completed.
• As part of the merger, 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 holder's election, cash of $15.00 per share, subject to proration.
• Licht became entitled to 16,340 shares of Paramount Global Class B common stock upon the vesting of Restricted Share Units (RSUs) immediately prior to the merger's closing.
• These 16,340 shares, along with the underlying vested RSUs, were disposed of as Paramount Global shares and simultaneously acquired as Paramount Skydance Class B common stock.
• Licht elected to defer the receipt of these 16,340 shares of Paramount Skydance Class B common stock.
• Following these transactions, Licht beneficially owns 16,340 shares of Paramount Skydance common stock.

Sentiment

Score: 7

Explanation: The filing reports the successful completion of a significant corporate merger, indicating a planned strategic move has been executed. The director's continued ownership in the new entity is a neutral to slightly positive signal.

Positives

• The successful completion of the significant merger between Paramount Global and Skydance Media, LLC, into Paramount Skydance Corporation, indicates a planned strategic move has been executed.
• The director's continued beneficial ownership of 16,340 shares in the newly formed Paramount Skydance Corp demonstrates alignment with the new entity's future.

Future Outlook

This filing reports a completed transaction and does not provide forward-looking statements or guidance regarding the company's future performance or strategic direction.

Industry Context

The completion of the merger between Paramount Global and Skydance Media, LLC, forming Paramount Skydance Corporation, represents a significant consolidation in the media and entertainment industry. This move aims to create a more competitive entity in a rapidly evolving landscape, potentially impacting content production, distribution, and market share dynamics among major players.

Stakeholder Impact

• Shareholders of Paramount Global have had their shares converted into Paramount Skydance common stock or received a cash equivalent, subject to proration, impacting their investment structure.
• Employees and customers of both Paramount Global and Skydance Media are now part of the combined Paramount Skydance entity, which could lead to operational and strategic changes.

Next Steps

• The reporting person has elected to defer the receipt of the 16,340 shares of Paramount Skydance Class B common stock.

Key Dates

Keywords

Paramount Skydance, PSKY, Skydance Media, Paramount Global, Merger, Form 4, Insider Transaction, Director, Share Conversion, Restricted Share Units