Warner Bros. Discovery shares are trading roughly flat today as the company completes its transition into a wholly owned subsidiary of the newly formed Skydance Corporation. Following the official closure of the $110 billion merger, the legacy WBD ticker has exited the Nasdaq as the market digests the implications of the new entity, which inherits approximately $80 billion in debt. While the stock had recently outperformed the broader market with a 9.5% gain over the past month, investor attention is now focused on the integration of this media behemoth and the performance of the newly renamed Skydance shares.