Paramount and Skydance have confirmed that their long-gestating merger is expected to finally close on August 7.
The guidance had been mentioned in recent days by people familiar with the transaction, but the companies confirmed the timeline Friday in a press release.
The $8 billion-plus transaction received the FCC’s blessing Thursday, effectively bringing an end to the year-long business saga. With that final hurdle cleared, only administrative details and paperwork are left to be completed before the combination can become finalized.
Along with the date, the companies said the new company will trade on the Nasdaq under the ticker symbol PSKY. Paramount had traded under PARA.
The companies also announced various deadlines for deadlines for Paramount stockholders of record and certain other Paramount stockholders to elect the form of consideration for their shares. Common shareholders will have the election deadline of 5 p.m. ET next Thursday, July 31. For shares of Paramount common stock held by current or former employees of Paramount, the election deadline is 4 p.m. ET on Monday, July 28.
MORE to come …
