Shareholders of Warner Bros. Discovery have approved a proposed merger with Paramount Global and Skydance Media, advancing a deal that could significantly reshape Hollywood and the global media industry.
According to preliminary vote counts released on Thursday (April 23), a strong majority of Warner Bros. Discovery shareholders supported the sale of the company at $31 per share. Including debt, the transaction is valued at nearly $111 billion, marking one of the largest media mergers in history.
The deal would see Skydance-backed Paramount acquire Warner’s entire business, bringing together a vast portfolio of assets under one roof.
Media giants under one umbrella
If completed, the merger would combine major entertainment and media brands, including HBO Max, CNN, and the “Harry Potter” franchise from Warner with CBS, Paramount Pictures, and the “Top Gun” franchise from Paramount.
The consolidation would also unite two major streaming platforms, potentially leading to a combined service offering an expanded content library.
Regulatory review remains key hurdle
Despite shareholder approval, the deal is not yet final. It remains subject to regulatory scrutiny in the United States and abroad. Warner has indicated it expects the transaction to close in the third fiscal quarter, pending approvals.
Separately, shareholders rejected a proposal related to executive compensation packages tied to the merger.
Bidding war
Paramount’s pursuit of Warner followed a prolonged and contentious battle. Warner had initially rejected Paramount’s offer, opting instead to explore a $72 billion deal with Netflix focused on studio and streaming assets.
Paramount later launched a hostile bid directly to shareholders, eventually prevailing after increasing its offer. Netflix ultimately withdrew from the race rather than extending the bidding war.
