Skydance Corp

Company facts

Industry

Television Broadcasting Stations

Headquarters

New York, New York

Most recent report

10-Q, filed Nov 9, 2026

Incorporated

Delaware

Filings on record

247 filings

On EDGAR

CIK 2041610

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 4 of 10 sections worth reading, with 1 positive, 11 notable, and 5 negative flags.

• Financial Statements (Item 1)

  WBD merger closed post-period; massive debt, cash burn, tax dispute, related-party deals.
  Notable

  • Ellison Family controls 77.5% of voting Class A stock; related-party Oracle cloud deal $300M, lease $163M.
  • RedBird received $110M transaction fee for WBD merger advisory, plus $5.2B equity contribution.
  • Issued 3,918M shares at $12 and 470.7M warrants at $12 post-merger, massive dilution.
  • Effective tax rate 74.1% in Q3 2026 due to $275M discrete tax provision for IRS reserve.
  Negative

  • After WBD merger, company issued/assumed $72.1B of additional debt, up from $15.0B pre-merger.
  • IRS proposed adjustments for legacy Viacom 2017-2019; company recorded $613M reserve for uncertain tax positions.

• Management's Discussion (Item 2)

  WBD merger added $72B debt; Ellison controls 77.5%; IRS dispute; TV Media revenue down 7%.
  Positive

  • Paramount+ subscribers grew 6% to 82.2M and ARPU rose 14% to $8.69 in Q3 2026.
  Notable

  • Restructuring and transaction-related items totaled $187M in Q3 2026, $478M YTD.
  Negative

  • TV Media pro forma advertising revenue fell 9% in Q3 2026, driven by linear market declines.

• Market Risk (Item 3)

  New $14.5B variable-rate debt from WBD Merger with quantified interest rate risk.
  Notable

  • Borrowed $14.5B in variable-rate debt on Oct 6, 2026 for WBD Merger, exposing to interest rate risk.
  • A 1% rate change would alter annual interest expense by $145 million.
  • Entered into cross-currency swaps and net investment hedges to manage euro-denominated debt FX risk.

• Risk Factors (Item 1A)

  Contains specific quantified risks: $72.1B debt, consent decree penalties, warrant dilution, PIPE ownership shift.
  Notable

  • Litigation related to WBD Merger could result in damages. See Note 15 and Part II Item 1.
  • Issued 470.7M warrants (9% dilution if exercised) at $12.00 strike. Early expiration possible after Oct 2029.
  • Declared five quarterly $0.05 dividends since Aug 2025 despite $86.6B debt.
  Negative

  • Consent decree requires 30-32 films/year, $300M+ more production spend, $30M penalty per film shortfall, possible Miramax divestiture.
  • PIPE investors got 45% of shares (78% of post-PIPE float), heavily diluting prior stockholders.

What changed: Sep 2026 vs. Jun 2026

About 29% of SKYD's Sep 2026 10-Q is new information. 255 paragraphs were added, 401 changed, and 161 removed. Below are the most important lines SECSift identified.

• Item 2 258
• Item 1 250
• Item 1A 56
• Item 6 8
• Item 3 4