Warner Bros. Discovery shareholders have approved Paramount Skydance’s proposed takeover of the media group, advancing a deal valued at roughly $110 billion including debt in a move that could reshape Hollywood and the global entertainment industry.
According to a preliminary vote count on Thursday, an overwhelming majority of shareholders backed the transaction. Under the terms of the deal, shareholders would receive $31 per share if the merger completes, clearing a key hurdle.
The companies expect the deal to close in the third quarter of 2026, subject to regulatory approval in the U.S. and Europe.
If completed, the merger would combine a vast portfolio of entertainment and news assets, bringing together HBO Max, CNN and the Harry Potter franchise with Paramount’s CBS network, Paramount+ and the Top Gun franchise.
Despite shareholder approval, the transaction faces significant regulatory scrutiny. The U.S. Department of Justice has already issued subpoenas related to the deal, while authorities in Europe are also expected to examine its impact on competition.
Critics have warned that further consolidation in the media sector could reduce competition, lead to job losses and limit content diversity.
At a recent congressional hearing, Democratic Senator Cory Booker said the deal raised questions about “who controls news, who controls entertainment, who controls storytelling.”
The merger has also drawn opposition from parts of the creative community, with thousands of industry professionals raising concerns about reduced opportunities and creative output.
While shareholders approved the merger, they rejected an advisory vote on executive compensation packages tied to the deal, including a proposed payout for Warner Bros. Discovery chief executive David Zaslav.
Paramount Skydance chief executive David Ellison has sought to reassure stakeholders, pledging continued theatrical releases and a commitment to cinema while signalling potential efficiencies across the combined group.
However, the deal has heightened concerns about cost-cutting measures, including potential layoffs and operational restructuring, as the combined company seeks to deliver returns on the transaction.
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