Skydance Shares Rise Just Over 11% After Malone’s SpaceX Forecast

Skydance Corporation (SKYD) shares gained just over 11% Wednesday, Oct. 21, after John C. Malone, chairman emeritus of Liberty Media and Liberty Global, forecast a possible partnership with SpaceX.

Malone made the forecast during a virtual keynote at the Paley International Council Summit. His scenario included a global output agreement between the companies and a possible SpaceX investment of $8 billion to $10 billion in Skydance. Malone presented the idea as a forecast. Neither company has announced a deal, its terms or a timetable. No structure or use of funds has been announced for the possible investment.

Skydance completed its Warner Bros. Discovery acquisition on Oct. 6. It has a three-year objective to reach $6 billion or more in run-rate synergies and aims for a net leverage ratio of 3.0x by the end of 2029. An illustrative pro forma balance sheet based on June 30 figures listed $82.481 billion in total debt, but did not establish how much, if any, of a potential SpaceX investment would go toward debt. Earlier coverage of Malone’s forecast and Skydance’s debt goals.