SIC 4833 Television Broadcasting Stations

Liberty Media Corporation Series C vs Skydance Corporation

WatchlistFWONK / SKYDPrices through Oct 22, 2026

Why these are rivals: #1 and #3 by market value ($34B vs $23B) with SEC SIC 4833 (Television Broadcasting Stations).

Rivals, but right now the price gap does not have a measured habit of closing, so there is no paper idea, whatever the gap.

Co-movement: daily return correlation, 252 sessions: 0.17 (needs >= 0.60)
Mean reversion: ADF t-statistic of the spread: -2.07 (needs <= -2.873 (5% critical value))

Business leadership

SKYD is the larger business

Annual revenue reported to the SEC. Scale, not market share.

Year	FWONK	SKYD	Larger
2025	$4.5B	-	-
2024	$3.7B	$29.2B	SKYD
2023	$3.6B	$29.7B	SKYD
2022	$3.2B	-	-
2021	$11.4B	-	-
2020	$9.4B	-	-

SKYD led in every year with figures for both. Market value: FWONK $22.5B, SKYD $34.3B.

Stock leadership

FWONK is ahead now

Measured against the pair's own last 252 trading days.

FWONK leads SKYD by 0.74 standard deviations: +14.2% over its usual price ratio. 0 lead switches in the last year.

Price change	3 mo	6 mo	12 mo
FWONK	-6.1%	+2.8%	-6.2%
SKYD	+15.7%	-15.7%	-42.4%

Relationship

Not a measured twin today

Only these tests can make a pair tradable on paper.

Pass: Aligned sessions: 305 (needs >= 254)
Fail: Co-movement: daily return correlation, 252 sessions: 0.17 (needs >= 0.60)
Fail: Mean reversion: ADF t-statistic of the spread: -2.07 (needs <= -2.873 (5% critical value))
Pass: Speed: half-life of the spread, sessions: 27.66 (needs <= 63)
Data: Both stocks current

The twins over two years

Prices side by side, and the gap between them

FWONK Liberty Media Corporation Series C SKYD Skydance CorporationPrice index, 100 = 2025-08-07. Tint = which stock is ahead of the pair's usual 1-year relationship (z beyond +/-0.5).

Spread z-score: FWONK relative to SKYD, against the 252 sessions before each day. Above 0: FWONK ahead; below 0: SKYD ahead. Lines at +/-2 (idea) and +/-4 (stop).

Data table (305 sessions)

Date	FWONK index	SKYD index	z	Ahead
2026-10-22	93.87	80.94	+0.74	FWONK ahead
2026-10-21	94.00	81.77	+0.69	FWONK ahead
2026-10-20	95.24	73.77	+1.34	FWONK ahead
2026-10-19	92.62	70.65	+1.43	FWONK ahead
2026-10-16	93.52	71.79	+1.41	FWONK ahead
2026-10-15	93.52	75.43	+1.14	FWONK ahead
2026-10-14	93.61	73.35	+1.31	FWONK ahead
2026-10-13	95.80	78.96	+1.04	FWONK ahead
2026-10-12	96.61	78.02	+1.16	FWONK ahead
2026-10-09	96.85	78.02	+1.18	FWONK ahead
2026-10-08	97.91	79.05	+1.18	FWONK ahead
2026-10-07	98.37	75.72	+1.44	FWONK ahead
2026-10-06	98.39	81.18	+1.08	FWONK ahead
2026-10-05	97.84	83.26	+0.92	FWONK ahead
2026-10-02	93.92	80.92	+0.86	FWONK ahead
2026-10-01	94.34	79.56	+0.98	FWONK ahead
2026-09-30	95.16	87.99	+0.51	FWONK ahead
2026-09-29	95.86	85.09	+0.72	FWONK ahead
2026-09-28	97.69	87.56	+0.68	FWONK ahead
2026-09-25	97.44	84.84	+0.83	FWONK ahead
2026-09-24	97.92	86.71	+0.75	FWONK ahead
2026-09-23	96.04	84.84	+0.77	FWONK ahead
2026-09-22	97.45	86.12	+0.77	FWONK ahead
2026-09-21	99.31	84.41	+0.97	FWONK ahead
2026-09-18	97.36	86.97	+0.73	FWONK ahead
2026-09-17	96.98	90.46	+0.53	FWONK ahead
2026-09-16	98.21	94.85	+0.37	near the usual relationship
2026-09-15	97.84	93.78	+0.41	near the usual relationship
2026-09-14	98.25	92.59	+0.50	FWONK ahead
2026-09-11	98.44	90.29	+0.63	FWONK ahead
2026-09-10	98.29	88.42	+0.73	FWONK ahead
2026-09-09	99.69	87.05	+0.88	FWONK ahead
2026-09-08	97.79	91.99	+0.53	FWONK ahead
2026-09-04	98.35	92.50	+0.53	FWONK ahead
2026-09-03	99.84	94.04	+0.53	FWONK ahead
2026-09-02	100.31	93.44	+0.59	FWONK ahead
2026-09-01	99.85	89.86	+0.76	FWONK ahead
2026-08-31	102.94	92.93	+0.75	FWONK ahead
2026-08-28	104.84	92.68	+0.86	FWONK ahead
2026-08-27	105.14	91.99	+0.91	FWONK ahead
2026-08-26	106.43	91.48	+1.01	FWONK ahead
2026-08-25	107.62	90.89	+1.10	FWONK ahead
2026-08-24	109.85	88.16	+1.35	FWONK ahead
2026-08-21	108.07	88.16	+1.29	FWONK ahead
2026-08-20	107.27	87.65	+1.29	FWONK ahead
2026-08-19	107.97	90.29	+1.18	FWONK ahead
2026-08-18	105.07	88.84	+1.14	FWONK ahead
2026-08-17	105.03	87.56	+1.22	FWONK ahead
2026-08-14	107.00	86.37	+1.39	FWONK ahead
2026-08-13	106.79	84.92	+1.47	FWONK ahead
2026-08-12	106.70	80.92	+1.71	FWONK ahead
2026-08-11	105.44	79.90	+1.72	FWONK ahead
2026-08-10	105.80	78.96	n/a
2026-08-07	105.92	78.28	n/a
2026-08-06	102.67	77.17	n/a
2026-08-05	98.92	74.62	n/a
2026-08-04	99.31	71.38	n/a
2026-08-03	100.66	70.02	n/a
2026-07-31	101.06	67.80	n/a
2026-07-30	102.99	66.52	n/a
2026-07-29	104.93	67.72	n/a
2026-07-28	104.22	68.74	n/a
2026-07-27	101.27	68.40	n/a
2026-07-24	99.95	69.93	n/a
2026-07-23	99.36	72.32	n/a
2026-07-22	99.86	74.79	n/a
2026-07-21	100.84	72.66	n/a
2026-07-20	102.16	73.00	n/a
2026-07-17	105.25	74.53	n/a
2026-07-16	102.72	77.85	n/a
2026-07-15	102.99	78.79	n/a
2026-07-14	103.88	77.68	n/a
2026-07-13	102.62	81.35	n/a
2026-07-10	99.00	80.15	n/a
2026-07-09	98.77	79.47	n/a
2026-07-08	99.37	83.05	n/a
2026-07-07	101.78	84.67	n/a
2026-07-06	101.93	85.95	n/a
2026-07-02	101.44	88.50	n/a
2026-07-01	101.32	86.63	n/a
2026-06-30	97.98	83.99	n/a
2026-06-29	96.27	83.65	n/a
2026-06-26	94.92	82.11	n/a
2026-06-25	93.15	80.32	n/a
2026-06-24	92.72	83.05	n/a
2026-06-23	91.85	82.75	n/a
2026-06-22	92.02	84.24	n/a
2026-06-18	93.47	84.67	n/a
2026-06-17	93.05	85.01	n/a
2026-06-16	92.31	87.73	n/a
2026-06-15	92.73	89.35	n/a
2026-06-12	91.59	89.18	n/a
2026-06-11	93.12	89.35	n/a
2026-06-10	91.26	87.82	n/a
2026-06-09	90.60	87.22	n/a
2026-06-08	89.46	88.50	n/a
2026-06-05	90.30	87.05	n/a
2026-06-04	88.54	90.97	n/a
2026-06-03	89.47	89.01	n/a
2026-06-02	91.99	91.82	n/a
2026-06-01	93.80	93.53	n/a
2026-05-29	93.50	90.38	n/a
2026-05-28	93.78	92.08	n/a
2026-05-27	93.03	90.46	n/a
2026-05-26	94.14	88.33	n/a
2026-05-22	91.20	89.10	n/a
2026-05-21	91.86	87.56	n/a
2026-05-20	93.14	86.29	n/a
2026-05-19	92.67	84.33	n/a
2026-05-18	93.71	83.65	n/a
2026-05-15	92.21	84.24	n/a
2026-05-14	93.89	86.12	n/a
2026-05-13	94.60	89.18	n/a
2026-05-12	93.40	91.06	n/a
2026-05-11	95.53	92.85	n/a
2026-05-08	97.27	94.46	n/a
2026-05-07	96.27	91.65	n/a
2026-05-06	91.31	92.93	n/a
2026-05-05	90.01	90.80	n/a
2026-05-04	90.80	94.80	n/a
2026-05-01	90.57	94.46	n/a
2026-04-30	88.52	87.22	n/a
2026-04-29	87.63	88.07	n/a
2026-04-28	88.61	89.61	n/a
2026-04-27	89.30	90.20	n/a
2026-04-24	91.25	93.44	n/a
2026-04-23	91.32	96.00	n/a
2026-04-22	90.49	100.51	n/a
2026-04-21	90.49	98.89	n/a
2026-04-20	92.57	100.68	n/a
2026-04-17	93.18	100.00	n/a
2026-04-16	92.63	99.91	n/a
2026-04-15	93.17	99.40	n/a
2026-04-14	93.48	94.38	n/a
2026-04-13	93.39	91.40	n/a
2026-04-10	91.42	90.46	n/a
2026-04-09	91.29	92.42	n/a
2026-04-08	90.79	92.16	n/a
2026-04-07	89.08	92.85	n/a
2026-04-06	88.77	83.90	n/a
2026-04-02	90.48	81.09	n/a
2026-04-01	87.91	78.79	n/a
2026-03-31	87.56	76.83	n/a
2026-03-30	85.24	75.98	n/a
2026-03-27	84.07	74.87	n/a
2026-03-26	85.83	75.64	n/a
2026-03-25	85.78	78.62	n/a
2026-03-24	85.89	78.11	n/a
2026-03-23	85.21	77.85	n/a
2026-03-20	83.85	77.94	n/a
2026-03-19	85.90	76.32	n/a
2026-03-18	87.72	76.66	n/a
2026-03-17	90.44	78.62	n/a
2026-03-16	89.79	80.92	n/a
2026-03-13	86.16	82.79	n/a
2026-03-12	87.73	83.48	n/a
2026-03-11	86.77	84.67	n/a
2026-03-10	88.58	87.99	n/a
2026-03-09	86.94	95.32	n/a
2026-03-06	86.27	102.13	n/a
2026-03-05	86.49	100.00	n/a
2026-03-04	88.03	102.64	n/a
2026-03-03	91.46	106.05	n/a
2026-03-02	93.81	113.63	n/a
2026-02-27	94.33	115.08	n/a
2026-02-26	89.12	95.23	n/a
2026-02-25	91.96	86.54	n/a
2026-02-24	89.77	88.50	n/a
2026-02-23	90.43	89.95	n/a
2026-02-20	92.94	91.23	n/a
2026-02-19	92.80	93.19	n/a
2026-02-18	92.10	94.72	n/a
2026-02-17	89.33	92.25	n/a
2026-02-13	88.11	87.90	n/a
2026-02-12	87.33	87.31	n/a
2026-02-11	87.56	93.78	n/a
2026-02-10	88.29	92.33	n/a
2026-02-09	86.93	90.97	n/a
2026-02-06	87.80	89.95	n/a
2026-02-05	89.76	89.61	n/a
2026-02-04	89.60	91.57	n/a
2026-02-03	88.33	92.08	n/a
2026-02-02	88.05	95.23	n/a
2026-01-30	89.62	95.49	n/a
2026-01-29	89.81	95.91	n/a
2026-01-28	90.66	96.59	n/a
2026-01-27	91.75	98.38	n/a
2026-01-26	92.37	101.28	n/a
2026-01-23	91.34	99.66	n/a
2026-01-22	90.00	100.34	n/a
2026-01-21	92.17	98.81	n/a
2026-01-20	91.83	98.38	n/a
2026-01-16	91.94	100.51	n/a
2026-01-15	93.20	100.77	n/a
2026-01-14	92.11	102.90	n/a
2026-01-13	93.50	103.41	n/a
2026-01-12	93.27	103.49	n/a
2026-01-09	92.98	102.73	n/a
2026-01-08	94.13	104.51	n/a
2026-01-07	95.49	105.37	n/a
2026-01-06	98.61	106.47	n/a
2026-01-05	101.18	110.56	n/a
2026-01-02	100.97	112.27	n/a
2025-12-31	101.45	114.14	n/a
2025-12-30	101.14	115.08	n/a
2025-12-29	100.76	114.99	n/a
2025-12-26	100.03	115.76	n/a
2025-12-24	99.72	117.04	n/a
2025-12-23	99.61	115.25	n/a
2025-12-22	100.24	115.93	n/a
2025-12-19	100.08	111.16	n/a
2025-12-18	98.95	110.82	n/a
2025-12-17	99.78	111.58	n/a
2025-12-16	98.65	117.97	n/a
2025-12-15	97.67	119.17	n/a
2025-12-12	96.57	117.04	n/a
2025-12-11	96.39	120.27	n/a
2025-12-10	95.06	125.38	n/a
2025-12-09	95.26	124.70	n/a
2025-12-08	93.26	124.11	n/a
2025-12-05	94.95	113.84	n/a
2025-12-04	96.06	126.24	n/a
2025-12-03	95.05	124.96	n/a
2025-12-02	96.16	134.75	n/a
2025-12-01	97.63	133.82	n/a
2025-11-28	98.85	136.46	n/a
2025-11-26	98.50	134.50	n/a
2025-11-25	96.96	133.22	n/a
2025-11-24	95.84	128.28	n/a
2025-11-21	96.31	135.35	n/a
2025-11-20	96.51	133.56	n/a
2025-11-19	98.85	131.77	n/a
2025-11-18	99.62	137.05	n/a
2025-11-17	100.65	133.99	n/a
2025-11-14	101.76	133.56	n/a
2025-11-13	103.74	130.92	n/a
2025-11-12	104.64	132.62	n/a
2025-11-11	105.05	142.59	n/a
2025-11-10	104.90	129.90	n/a
2025-11-07	105.05	128.62	n/a
2025-11-06	106.30	126.07	n/a
2025-11-05	104.44	128.54	n/a
2025-11-04	103.76	126.41	n/a
2025-11-03	102.65	131.35	n/a
2025-10-31	102.83	131.09	n/a
2025-10-30	101.45	131.69	n/a
2025-10-29	98.84	135.26	n/a
2025-10-28	97.89	138.08	n/a
2025-10-27	97.67	141.10	n/a
2025-10-24	97.48	142.42	n/a
2025-10-23	99.92	140.29	n/a
2025-10-22	100.70	141.14	n/a
2025-10-21	100.04	140.63	n/a
2025-10-20	100.95	144.72	n/a
2025-10-17	101.91	142.85	n/a
2025-10-16	103.38	143.95	n/a
2025-10-15	106.66	148.47	n/a
2025-10-14	106.82	147.27	n/a
2025-10-13	107.14	145.66	n/a
2025-10-10	106.28	144.80	n/a
2025-10-09	108.02	153.07	n/a
2025-10-08	109.93	157.58	n/a
2025-10-07	109.91	157.67	n/a
2025-10-06	111.57	162.95	n/a
2025-10-03	107.96	162.61	n/a
2025-10-02	107.26	158.60	n/a
2025-10-01	105.54	160.90	n/a
2025-09-30	107.57	161.16	n/a
2025-09-29	107.39	166.10	n/a
2025-09-26	108.06	161.16	n/a
2025-09-25	107.06	161.24	n/a
2025-09-24	107.91	162.86	n/a
2025-09-23	106.14	168.06	n/a
2025-09-22	105.87	158.52	n/a
2025-09-19	106.77	161.16	n/a
2025-09-18	106.78	152.26	n/a
2025-09-17	105.07	152.64	n/a
2025-09-16	103.50	149.32	n/a
2025-09-15	101.88	158.26	n/a
2025-09-12	102.41	160.05	n/a
2025-09-11	105.19	148.72	n/a
2025-09-10	101.82	128.71	n/a
2025-09-09	104.52	129.47	n/a
2025-09-08	104.88	129.39	n/a
2025-09-05	103.76	127.77	n/a
2025-09-04	102.65	125.55	n/a
2025-09-03	103.03	128.28	n/a
2025-09-02	104.09	123.17	n/a
2025-08-29	102.88	125.21	n/a
2025-08-28	103.06	125.13	n/a
2025-08-27	102.80	126.15	n/a
2025-08-26	104.47	134.92	n/a
2025-08-25	105.49	135.95	n/a
2025-08-22	106.01	136.29	n/a
2025-08-21	104.40	136.54	n/a
2025-08-20	104.71	119.08	n/a
2025-08-19	104.72	114.82	n/a
2025-08-18	103.82	114.99	n/a
2025-08-15	102.40	116.87	n/a
2025-08-14	101.61	122.49	n/a
2025-08-13	103.04	127.77	n/a
2025-08-12	99.46	93.44	n/a
2025-08-11	98.01	86.20	n/a
2025-08-08	98.87	89.52	n/a
2025-08-07	100.00	100.00	n/a

No one-day company-specific move of 4+ standard deviations in this window. Upcoming earnings: SKYD Nov 3, 2026 (not-supplied); FWONK Nov 5, 2026 (pre-market).

Paired trades

The shared paper book and the replay, kept apart

Forward paper record

No paper position on this pair yet.

Historical simulation (a diagnostic, same rules)

No simulated trade through Oct 20, 2026: the pair rarely passed every test while 2 standard deviations apart.

Per $10,000 a leg. A replay on today's companies cannot prove an edge.

The companies

FWONK and SKYD at a glance

FWONK Liberty Media Corporation Series C

Listing: Nasdaq · SEC CIK 1560385
Industry: Broadcasting · SIC 4833 Television Broadcasting Stations
Market value: $22.5B
Price history: 2,521 daily closes, Oct 12, 2016 to Oct 22, 2026

SKYD Skydance Corporation

Listing: NYSE · SEC CIK 2041610
Industry: Broadcasting · SIC 4833 Television Broadcasting Stations
Market value: $34.3B
Price history: 305 daily closes, Aug 7, 2025 to Oct 22, 2026

Daily prices: Nasdaq.com. Filings and industry codes: SEC EDGAR. Earnings dates: Nasdaq earnings calendar.

All pairs →

Pair	Status	Ahead now	Industry
SPOT / SKYD	Watchlist	SPOT by 2.18 sd	Broadcasting
SKYD / FOXA	Watchlist	FOXA by 1.38 sd	Broadcasting
FOXA / FWONK	Watchlist	FOXA by 0.92 sd	SIC 4833 Television Broadcasting Stations

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Paper only: hypothetical paired positions with modelled costs. No broker, no orders, no real money. A historical simulation is a diagnostic, not proof of an edge. Not investment advice.