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SKYD · Analysis updated Nov 10, 2026, 4:45 PM ET
Why is Skydance Corporation (SKYD) stock moving?
Skydance's first report after closing the $81B Warner Bros. Discovery deal covered only legacy Paramount. Adjusted EPS of $0.45 beat estimates, adjusted EBITDA of $1B topped guidance, Paramount+ revenue rose 21% and studios revenue rose 23%. The revenue miss is mostly a timing distortion. Investors focused on other points: gross debt of about $87B against roughly $10B of cash, a warned $200M Q4 EBITDA hit from weak Warner film performance, and a 7% decline in TV Media revenue. The stock gained 8.6% to $8.70 on Nov 9 on heavy volume of 28.6M shares, then fell to about $8.04 on Nov 10 (about -7.6%) on 23.9M shares, which erases most of the gain. Prices are back inside the range of the last two weeks, between roughly $7.5 and $8.7. Analyst views are split: BofA rates it Underperform with a $9 target, and Citizens JMP trimmed its target to $13. Upcoming catalysts include pro forma financials, Dune: Part Three on Dec 18, and integration progress on the $6B synergy target. Leverage and execution risk will likely cap the stock for now.
News behind the analysis
- Skydance stock slides 7% despite Q3 earnings beatAdjusted EPS of $0.45 beat consensus, while revenue of $7.03B came in just short. Gross debt is near $87B against about $10B of cash. BofA keeps an Underperform rating with a $9 target.
- Skydance Sinks 9% as Warner Bros. Film Slump Overshadows Earnings BeatThe stock fell about 9% to $7.92 in morning trading after the CFO warned that Warner Bros. films are underperforming. The stock is down 40% year to date.
- Skydance (SKYD) Stock Drops 9% as $87 Billion Debt Load Overshadows Earnings BeatA weak Warner film slate could cut Q4 profit by up to $200M. BofA kept Underperform with a $9 target, and Citizens JMP trimmed its target to $13.
- Skydance Floats First Earnings Report As Hollywood Mega-StudioParamount Skydance alone posted $73M net income on about $7B revenue. DTC revenue rose 11% to $2.5B, studios revenue rose 23%, and TV Media revenue fell 7%.
- Skydance (SKYD) Q3 2026 Earnings Call TranscriptManagement targets $6B of run-rate synergies within three years. It flagged a $200M Q4 adjusted EBITDA headwind from Warner Bros. underperformance.
- Skydance (NYSE:SKYD) Q3 Earnings: EPS Beat and Revenue Miss as Warner Bros. Discovery Deal Timing Distorts ResultsThe EPS beat and revenue miss reflect legacy Paramount only, which makes the comparison with consensus noisy. After-hours trading was down about 1.9%.
- Skydance (SKYD) Reports Q3 Earnings Post-Warner Bros. Discovery AcquisitionStudios growth was offset by weakness in legacy TV media. The stock trades below its historical median price-to-sales multiple.
- SKYD Stock In Focus: Skydance CEO Ellison Maps Out Streaming Merger As DC Studios Gets New LeadershipA Paramount+ and HBO Max bundle is targeted for early 2027. Paramount+ sales rose 21%.
- SKYD Q3 FY2026 earnings call — BigGo FinanceAdjusted EBITDA of $1B exceeded the top of guidance. The $6B synergy plan includes at least $2.2B from corporate overhead and real estate.
- Skydance Corporation (SKYD) Stock Price, News, Quote & HistoryManagement highlighted significant debt, possible workforce reductions, streaming integration and leadership changes. Market cap is about $43.9B.
About Skydance Corporation
Skydance Corporation is the renamed Paramount Skydance. It took the Skydance name after buying Warner Bros. Discovery, a deal agreed in February 2026 that closed on October 6, 2026, following a long antitrust review. It is now one of the largest US media companies, run by chairman and CEO David Ellison. It owns film studios (Paramount Pictures and Warner Bros.), the CBS network, cable channels, news operations and streaming services such as Paramount+ and Pluto TV, along with the former Warner Bros. Discovery businesses.
How it makes money
It earns money from TV advertising across CBS, its cable networks and free streaming (Pluto TV). It also collects fees from pay-TV distributors that carry its channels, subscriptions to its streaming services, and film and TV revenue from box office, licensing and content sales. Before the Warner Bros. deal was fully counted, trailing revenue was roughly $29 billion. The merged company will be much bigger, and a clear breakdown by segment won't be available until reports fully reflect the combined business.
What usually moves SKYD
- Integrating Warner Bros. and delivering the promised cost savings
- High debt load and pressure on the balance sheet
- Streaming subscriber growth and profitability
- Decline of traditional TV and the advertising market
- Box office results and content spending