TLDR
- Warner Bros. Discovery is set to depart from the Nasdaq 100 and S&P 500 indexes next week.
- The departure stems from the company’s $81 billion acquisition of Paramount Skydance.
- The transaction is scheduled to finalize on October 6.
- Moderna will fill Warner Bros. Discovery’s position in the Nasdaq 100 starting October 9.
- Twilio will assume Warner Bros. Discovery’s position in the S&P 500 beginning October 6.
Warner Bros. Discovery is poised to exit two of America’s most prominent stock market benchmarks. The media conglomerate is finalizing its acquisition of Paramount Skydance in the coming week. Index administrators Nasdaq and S&P Dow Jones Indices revealed these adjustments in announcements made Thursday evening.
Warner Bros. Discovery, Inc., WBD
The transaction carries an $81 billion price tag. Representatives from both organizations have verified that the deal is on track to conclude on October 6. Warner Bros. Discovery’s portfolio includes HBO Max and numerous prominent television networks.
After the acquisition finalizes, Warner Bros. Discovery will cease operating as an independent publicly traded entity. Consequently, it must be dropped from the benchmarks where it currently holds membership. Index managers substitute departing constituents with fresh additions to maintain the benchmarks’ established composition.
Companies Taking Over Warner Bros. Discovery’s Index Positions
Moderna will assume Warner Bros. Discovery’s position within the Nasdaq 100. The transition becomes effective prior to the opening bell on October 9. Moderna specializes in vaccine development and additional pharmaceutical solutions.
Twilio will step into Warner Bros. Discovery’s slot in the S&P 500. That substitution becomes operative before market hours on October 6. Twilio operates as a cloud-based communications platform provider.
Both equities experienced upward movement during Friday’s early session. Moderna shares advanced 1.6%. Twilio shares increased 1.5%. Index futures contracts also trended upward in anticipation of the September employment data release.
Equities frequently appreciate following inclusion in a prominent benchmark. This phenomenon occurs because index-tracking funds must purchase shares to maintain portfolio alignment. These investment vehicles are obligated to hold every constituent within their target benchmark.
Moderna’s Remarkable Performance
Moderna has enjoyed exceptional performance throughout the year preceding its benchmark inclusion. The equity had surged 541% year-to-date through Thursday’s closing bell, per Barron’s data. Reuters indicated the stock has multiplied more than six times during 2026, elevating Moderna’s market capitalization to approximately $75 billion.
Shares more than doubled during a single August trading day. This surge followed the release of Phase 3 clinical trial data from Moderna and Merck. The study evaluated an experimental cancer immunotherapy designated intismeran autogene. Analysts characterized the findings as encouraging.
Warner Bros. Discovery faces removal from additional benchmark providers beyond just these two. MSCI is among other index administrators making similar adjustments. These exclusions are directly connected to the merger’s completion.
The Paramount Skydance acquisition has required nearly twelve months to reach fruition. Reuters characterized the timeline as an extended delay spanning multiple months. The transaction now enters its concluding phase before next week’s anticipated closure.
Warner Bros. Discovery shares will cease trading in their present form once the transaction completes. The Nasdaq 100 modification becomes effective October 9. The S&P 500 adjustment takes effect October 6, coinciding with the merger’s expected completion date.
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