9AM HOUR: Faber Exclusive With Skydance CEOs, Crude Oil Surges, Yields and the 'Waller Effect" 10/8/26

Skydance closed its Warner Bros. Discovery deal at $31/share with 7x leverage, betting on $6B synergies and $10B free cash flow by 2030 to delever to 3x.

• Deal economics: Skydance paid $31/share for Warner Bros. Discovery (vs. an initial $18 bid), adding up to $47 billion including Netflix's break fee, leaving the combined company near 7x leverage and $79 billion in debt.
• Synergy and growth targets: Management projects $6 billion in synergies over three years, mid-single-digit revenue CAGR to 2030, EBITDA growth from $12 billion pro forma, free cash flow rising from $4 billion next year to $10 billion by 2030, and delevering to 3x.

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