Skydance shares fell 7.87% to $8.77 on Wednesday, a day after the company completed its acquisition of Warner Bros. Discovery and began trading Class B shares on the New York Stock Exchange under the SKYD ticker. Led by David Ellison, the combined company brings Warner Bros., Paramount Pictures, HBO, HBO Max, CNN, CBS, Paramount+, Pluto TV and major cable networks under one owner. Skydance targets at least $6 billion in run-rate synergies within three years, while warning employees that the merger will require workforce-related decisions. A settlement with state attorneys general requires the company to create a News Editorial Independence Board overseeing CNN and CBS, increase U.S. production including in Los Angeles, and release at least 30 films annually. Missing the annual film-release target would require Skydance to divest Miramax. The company carries approximately $80 billion in debt, plans initially to retain separate HBO Max and Paramount+ services, and expects investor attention to remain on integration, streaming strategy, cost reductions and execution.