Moderna (MRNA) and Twilio (TWLO) Gain Index Status as WBD Completes Skydance Deal

TLDR

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Warner Bros. Discovery is being removed from the Nasdaq 100 and S&P 500 indexes following its merger completion.
The company’s $81 billion acquisition of Paramount Skydance is set to finalize on October 6.
Moderna will join the Nasdaq 100 index effective October 9.
Twilio will enter the S&P 500 index effective October 6.
Both replacement stocks saw gains in early Friday trading following the announcement.

Warner Bros. Discovery is set to exit two of America’s most prominent stock market indexes as the entertainment giant completes its massive merger with Paramount Skydance. The index changes were announced by Nasdaq and S&P Dow Jones Indices in a late Thursday statement.

Warner Bros. Discovery, Inc., WBD

The acquisition carries an $81 billion price tag and is scheduled to finalize on October 6, according to statements from both corporations. Warner Bros. Discovery’s portfolio includes the HBO Max streaming platform and numerous prominent television networks.

Following the merger’s completion, Warner Bros. Discovery will cease operating as an independent publicly traded entity. This necessitates its removal from all major market indexes where it currently holds membership. Index administrators typically fill vacancies with new companies to maintain consistent index composition.

The Companies Taking Warner Bros. Discovery’s Spots

Moderna will assume Warner Bros. Discovery’s position in the Nasdaq 100 index. This transition becomes official prior to market opening on October 9. Moderna is a biotechnology firm specializing in vaccines and pharmaceutical therapies.

Twilio will inherit Warner Bros. Discovery’s seat in the S&P 500 index. This adjustment goes into effect before the opening bell on October 6. Twilio operates as a cloud-based communications technology provider.

Both companies’ shares experienced upward movement during early Friday trading. Moderna’s stock price increased by 1.6%. Twilio’s shares advanced 1.5%. Index futures also showed positive momentum ahead of the September employment data release.

Index inclusion typically generates positive price action for stocks. This phenomenon occurs because passive investment funds tracking these indexes must purchase shares to maintain accurate replication. These funds are obligated to hold positions in every constituent security of their benchmark index.

Moderna’s Impressive Performance

Moderna has delivered exceptional returns in the period preceding its index inclusion. According to Barron’s, the stock had surged 541% year-to-date through Thursday’s market close. Reuters noted that shares have multiplied more than six times in 2026, elevating Moderna’s market capitalization to approximately $75 billion.

The stock experienced a remarkable single-session rally in August, more than doubling in value. This explosive movement followed the release of Phase 3 clinical trial data by Moderna and Merck. The trial evaluated intismeran autogene, an experimental cancer vaccine candidate. Researchers characterized the findings as encouraging.

Warner Bros. Discovery faces removal from additional major index providers beyond S&P and Nasdaq. MSCI is among the organizations dropping the company from its benchmarks. All removals are directly connected to the merger transaction’s completion.

The Paramount Skydance acquisition has required nearly twelve months to reach fruition. Reuters characterized the timeline as involving extended delays spanning multiple months. The transaction is now approaching its final phase before next week’s scheduled closing.

Warner Bros. Discovery shares will cease trading in their present form upon deal completion. The Nasdaq 100 reconstitution becomes effective October 9. The S&P 500 adjustment takes effect October 6, coinciding with the anticipated merger closing date.

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