Skydance Corporation (NYSE: SKYD) shares jumped about 10.9% on Wednesday, but the reason for the move has not been confirmed. The media group owns the Paramount and Warner Bros. studios, CBS and CNN after completing its takeover of Warner Bros. Discovery.

The stock closed at $7.87, against $7.10 on Tuesday, after trading between $6.90 and $7.91. About 49.3 million shares changed hands, about 1.45 times the 20-day average by our calculation, while the communication-services sector fund was down 0.7% in the afternoon.

24/7 Wall St writer David Moadel framed the rise as a rebound, saying the move “wins back some of the ground lost once Skydance stock and its warrants separated”. That is one outlet’s explanation, not a confirmed…