Form 4: Paramount Skydance Interim CFO Reports RSU Exchange Post-Merger

Paramount Skydance's Interim CFO, Andrew Warren, reported the exchange of Restricted Share Units following the completion of the merger between Paramount Global and Skydance Media.

Summary

• Andrew Warren, Interim CFO of Paramount Skydance Corp, reported changes in his beneficial ownership of securities on August 7, 2025.
• The changes occurred concurrently with the completion of the transaction agreement, dated July 7, 2024, involving Skydance Media, Paramount Global, and Paramount Skydance Corporation.
• As part of the transaction, Paramount Global and Skydance merged into subsidiaries of Paramount Skydance.
• Warren disposed of 176,522 Paramount Global Restricted Share Units (RSUs) and acquired 176,522 Paramount Skydance RSUs, which will vest in three equal annual installments beginning August 26, 2025.
• Additionally, Warren disposed of 465,549 Paramount Global RSUs and acquired 465,549 Paramount Skydance RSUs, which will vest in three equal annual installments beginning March 1, 2026.

Sentiment

Score: 7

Explanation: The filing reports the expected completion of a major corporate transaction (merger) and the subsequent adjustment of insider equity holdings. This is a neutral-to-positive event as it signifies the successful execution of a strategic plan, aligning management's interests with the new entity. No negative surprises are indicated.

Positives

• The completion of the merger transaction signifies a major strategic milestone for Paramount Skydance, consolidating assets and operations.
• Interim CFO Andrew Warren's equity alignment with the newly formed Paramount Skydance is maintained through the acquisition of new Restricted Share Units.

Future Outlook

The acquired Restricted Share Units for Andrew Warren are scheduled to vest in three equal annual installments, with the first tranches beginning on August 26, 2025, and March 1, 2026, respectively, indicating future equity compensation milestones.

Industry Context

This filing reflects the finalization of a significant consolidation event in the media and entertainment industry, with Paramount Global and Skydance Media merging under the new entity, Paramount Skydance. Such mergers aim to create larger, more competitive entities capable of leveraging combined content libraries, production capabilities, and distribution networks to compete with major streaming and content providers.

Corporate Governance

Stakeholder Impact

• Shareholders: The merger completion and the resulting equity structure of Paramount Skydance will directly impact shareholders of the former Paramount Global and Skydance.
• Employees: The RSU exchange for the Interim CFO indicates a transition of equity compensation plans for key personnel to the new entity.

Next Steps

• Vesting of 176,522 Restricted Share Units in three equal annual installments starting August 26, 2025.
• Vesting of 465,549 Restricted Share Units in three equal annual installments starting March 1, 2026.

Key Dates

Keywords

Paramount Skydance, PSKY, Andrew Warren, Interim CFO, Restricted Share Units, RSU, Merger, Acquisition, Paramount Global, Skydance Media, Insider Trading, Form 4