Paramount Global to Change Ticker Symbol to PSKY After Closing of Transactions

Paramount Global and Skydance Media have announced that the transactions contemplated by their agreement are expected to close on August 7. Shares of Paramount's Class B common stock (PARA) and Class A common stock (PARAA) will no longer be listed for trading following the closing of the transactions. After the closing, shares of New Paramount's Class B common stock are expected to begin trading on the Nasdaq Stock Market under the ticker symbol "PSKY".

Paramount Global and Skydance Media have announced that the transactions contemplated by their agreement are expected to close on August 7. Shares of Paramount's Class B common stock (PARA) and Class A common stock (PARAA) will no longer be listed for trading following the closing of the transactions. After the closing, shares of New Paramount's Class B common stock are expected to begin trading on the Nasdaq Stock Market under the ticker symbol "PSKY" [1].

The merger, first announced on July 7, 2024, will combine Paramount Global's CBS, Paramount+, Paramount Pictures, Comedy Central, BET, and other businesses with Skydance's film, animation, and games production businesses. The $8 billion deal is expected to bring significant cost savings, with Skydance and its backers aiming to achieve $2 billion in annual cost savings [1].

The Federal Communications Commission (FCC) cleared the Skydance-Paramount deal on Thursday, removing the last regulatory obstacle. The approval came two weeks after Paramount agreed to pay former President Donald Trump $16 million to settle his lawsuit accusing CBS News of consumer fraud over the alleged deceptive editing of a "60 Minutes" interview with Kamala Harris [1].

The new company, Paramount Skydance Corp., will be led by chairman and CEO David Ellison (current CEO of Skydance Media) and president Jeff Shell (former CEO of NBCUniversal). Shari Redstone, whose family has owned Paramount and predecessor company Viacom for decades, is set to receive $1.75 billion in cash upon closing of the Skydance deal and will exit the merged company’s board. The Ellison family will maintain 100% voting power over Paramount Skydance Corp., but nonvoting shares will remain publicly traded [1].

Leadership changes at Paramount are already underway, with Chris McCarthy, head of Showtime & MTV Entertainment Studios and Paramount Media Networks, set to leave the company following the Skydance merger close. Paramount Pictures chief Brian Robbins is also expected to exit, while CBS CEO George Cheeks is expected to stay on [1].

Meanwhile, Live Oak Bancshares (NYSE: LOB) priced an underwritten offering of 4M depositary shares, each representing 1/40th of a share of its 8.375% Series A Non-Cumulative Perpetual Preferred Stock. The offering is expected to close on or around August 4, 2025, with net proceeds to be used for general corporate purposes, including capital support for Live Oak Banking Company [2].

Qualigen Therapeutics, Inc. (NASDAQ: QLGN) received communications from the Nasdaq Listing Qualifications office, confirming that the company had regained compliance with the minimum stockholders’ equity requirement and had a plan to maintain compliance with all applicable continued listing standards [3].

References:

[1] https://variety.com/2025/tv/news/paramount-skydance-deal-close-date-1236470440/
[2] https://seekingalpha.com/news/4473034-live-oak-bancshares-prices-100m-series-a-preferred-stock-offering-at-8375-yield
[3] https://www.morningstar.com/news/globe-newswire/9501793/qualigen-therapeutics-provides-update-on-nasdaq-communications-and-continued-listing-status