Sept 25 (Reuters) – Paramount Skydance said on Friday it would move the listing of its Class B common stock from Nasdaq to the New York Stock Exchange.
• Trading on Nasdaq is expected to end at market close on or around October 5, while trading on the NYSE is expected to begin at market open on October 6.
• The two US exchanges have long vied for prominence, with Nasdaq primarily housing tech sector stocks and the NYSE traditionally anchoring the country’s biggest industrial and financial names. The rivalry was at its fiercest during the dot-com frenzy of the late 1990s.
• Companies typically change listing venues when they see better alignment with an exchange’s investor base, technology and services, or when they want to cut costs tied to listing and compliance.
• Paramount is expected to close its $110 billion Warner Bros deal soon, after it settled a legal battle with a California-led group of US states and a Hollywood writers union earlier this week.
• The company has also set October 5 as the record date for a planned distribution of warrants to eligible holders of its Class B common stock in connection with its Warner Bros deal.
(Reporting by Harshita Mary Varghese and Arasu Kannagi Basil in Bengaluru; Editing by Jonathan Ananda)
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