Warner Bros. Discovery shareholders approve $110 billion sale to Paramount Skydance
Warner Bros. Discovery’s shareholders 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 announced on Thursday, April 23, Warner Bros. The vast majority of Discovery shareholders supported selling the company at $31 per share. Including debt, the transaction is valued at approximately $111 billion, marking one of the largest media mergers in history.
The deal will see Skydance-backed Paramount acquire Warner’s entire business and bring together a broad portfolio of assets under one roof.
Media giants under one roof
If completed, the merger would combine major entertainment and media brands, including HBO Max, CNN and Warner’s “Harry Potter” franchise, with CBS, Paramount Pictures and Paramount’s “Top Gun” franchise.
The merger would also combine two major streaming platforms, potentially leading to a unified service offering an expanded content library.
Regulatory review remains a significant hurdle
Despite shareholder approval, the deal is not yet final. It remains subject to regulatory review in the United States and abroad. Warner said it expects the transaction to be completed in the third fiscal quarter, pending approvals.
Separately, shareholders rejected a proposal for executive compensation packages tied to the merger.
bidding war
Paramount is pursuing Warner A long and contentious struggle followed. Warner had initially rejected Paramount’s offer, opting instead to explore a $72 billion deal with Netflix focused on studio and streaming assets.
Paramount then launched a hostile bid directed directly at shareholders, eventually prevailing after increasing its bid. Rather than prolong the bidding war, Netflix ultimately withdrew from the race.
