Warner Bros. Discovery Shareholders Approve Paramount Skydance Takeover

A landmark media merger moves forward as regulatory scrutiny and industry impact loom

Warner Bros. Discovery shareholders have officially cleared a major hurdle in the company’s future, voting to approve a takeover that would bring CNN, HBO, and its broader portfolio under the umbrella of Paramount Skydance later this year. The deal could significantly reshape the entertainment landscape, consolidating major studios, streaming platforms, and news divisions under a single corporate structure.

At a pro forma special meeting held Thursday morning, shareholders “overwhelmingly” backed the deal, according to the company. While the outcome had been widely expected, the vote marked a pivotal moment in the months-long battle over control of one of the world’s largest media conglomerates.

“Shareholder approval marks another important milestone towards completing our acquisition of Warner Bros. Discovery, building on our successful equity and debt syndications and progress across regulatory approvals,” Paramount said in a statement.

The acquisition, spearheaded by Paramount CEO David Ellison, now shifts into its next phase: securing regulatory approvals across the United States and international markets. Executives remain confident the process will move forward smoothly, with a target to close the transaction in the third quarter of the year, potentially by the end of September.

“We look forward to closing the transaction in the coming months and realizing the creation of a next-generation media and entertainment company that better serves both the creative community and consumers,” the company added.

Financially, the deal has been an easy sell for many investors. Warner Bros. Discovery stock traded at around $8 per share a year ago, while Paramount’s offer of $31 per share represents a significant premium. However, the merger has ignited debate across Hollywood and Washington, with critics raising concerns about further consolidation within the entertainment industry.

Others have pointed to Paramount’s perceived political connections, including ties to Donald Trump. Protesters gathered outside Warner Bros. Discovery headquarters ahead of Thursday’s vote, urging Democratic attorneys general in states such as California and New York to challenge the merger on antitrust grounds.

Several state officials have already indicated they are closely reviewing the deal, amid concerns that federal regulators may be more inclined to approve it.

“The Paramount-Warner Bros. merger isn’t a done deal,” Democratic Sen. Elizabeth Warren wrote on X following the vote. “State attorneys general across the country are stepping up to stop this antitrust disaster. We need to keep up this fight.”

Regulators in Europe are also scrutinizing the proposed merger and could require Paramount to divest certain assets before approving. Paramount executives remain optimistic, however, that any regulatory hurdles can be cleared in time. The deal includes a “ticking fee” clause that would increase the purchase price if it is not finalized by September 30, adding pressure to close promptly.

Behind the scenes, integration planning is already underway, although both companies must continue to operate independently until the deal is finalized. Paramount has indicated it plans to merge HBO Max with Paramount+ into a single streaming platform, while keeping the Paramount and Warner Bros. film studios operating separately.

There have also been internal discussions about potentially combining CBS News with CNN, though such a move would likely take additional time.

Despite strong support for the merger itself, shareholders rejected a separate proposal concerning executive compensation. The measure addressed exit packages for outgoing Warner Bros. Discovery CEO David Zaslav and other top executives. Zaslav’s potential payout could reach as much as $886 million, described by the Los Angeles Times as “one of the highest golden parachutes ever observed.”

The compensation proposal “did not receive sufficient votes and did not pass,” a company representative said at the conclusion of the virtual meeting. However, because the vote was advisory rather than binding, Warner Bros. Discovery’s board retains the authority to proceed with the payouts.

Industry analysts and outlets such as Variety and Deadline continue to monitor the deal closely as it moves through regulatory channels, with its outcome expected to have lasting implications across film, television, and streaming.