TLDR
- Warner Bros. Discovery is being dropped from the Nasdaq 100 and S&P 500 indexes following its merger completion.
- The company’s $81 billion combination with Paramount Skydance triggers the removal.
- The transaction is scheduled to finalize on October 6.
- Moderna will fill the vacant Nasdaq 100 slot effective October 9.
- Twilio will occupy the open S&P 500 position starting October 6.
Warner Bros. Discovery faces removal from two premier U.S. equity benchmarks as the media giant prepares to finalize its combination with Paramount Skydance. Index administrators Nasdaq and S&P Dow Jones Indices announced the forthcoming changes in a Thursday evening statement.
Warner Bros. Discovery, Inc., WBD
The media consolidation carries an $81 billion price tag. Representatives from both organizations have stated that October 6 remains the target closing date. Warner Bros. Discovery’s portfolio encompasses HBO Max along with numerous prominent television channels.
Following completion of the transaction, Warner Bros. Discovery will cease trading as an independent publicly listed entity. This necessitates its deletion from all benchmark indexes in which it currently appears. Index administrators maintain consistent membership counts by substituting departing constituents with replacement companies.
The Incoming Index Members
Moderna will assume Warner Bros. Discovery’s position within the Nasdaq 100 index. The substitution becomes effective prior to market opening on October 9. Moderna specializes in vaccine development and additional therapeutic products.
Twilio will fill Warner Bros. Discovery’s vacancy in the S&P 500 benchmark. This transition occurs before the October 6 trading session commences. Twilio operates as a cloud-based communications platform provider.
Share prices for both incoming companies advanced during Friday’s early session. Moderna equity increased 1.6%. Twilio stock appreciated 1.5%. Index futures contracts also posted gains prior to the release of September employment data.
Equity securities typically experience upward price momentum following major index inclusion. The phenomenon stems from passive investment vehicles that replicate index composition being compelled to purchase shares for portfolio alignment. These tracking funds maintain holdings matching every constituent within their benchmark.
Moderna’s Remarkable Performance
Moderna enters the Nasdaq 100 following an exceptional performance period. According to Barron’s reporting, the shares had surged 541% year-to-date through Thursday’s closing bell. Reuters data indicates the stock multiplied more than sixfold during 2026, elevating Moderna’s market capitalization to approximately $75 billion.
The equity more than doubled in value during a single August trading day. This dramatic appreciation followed Moderna and Merck’s disclosure of Phase 3 clinical trial outcomes. The study evaluated an experimental cancer treatment designated intismeran autogene. Investigators characterized the findings as encouraging.
Warner Bros. Discovery’s departure extends beyond just Nasdaq and S&P benchmarks. The company will also exit MSCI indexes. These comprehensive removals stem directly from the merger transaction reaching completion.
The Paramount Skydance combination required nearly twelve months to finalize. Reuters characterized the timeline as experiencing extended delays spanning multiple months. The agreement now approaches its terminal phase ahead of next week’s scheduled closing.
Warner Bros. Discovery shares will cease trading under their present corporate structure once the transaction concludes. The Nasdaq 100 membership adjustment becomes effective October 9. The S&P 500 modification takes effect October 6, coinciding with the anticipated merger completion date.
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