Warner Bros. shareholders approve controversial $111-billion Paramount takeover

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Warner Bros. Discovery shareholders have strongly approved Paramount Skydance’s plan to acquire the company in a deal worth $111 billion, removing a significant obstacle to the takeover.

The merger between Paramount and Warner Bros. was approved by shareholders as expected. Paramount Chairman David Ellison proposed a deal worth $31 per share, which is four times the stock’s value from a year ago. During a brief nine-minute meeting, Warner Bros. officials announced the merger had received enough votes to pass overwhelmingly, but didn’t reveal the exact count.

Paramount made a high offer to win the bidding against Netflix. Netflix dropped out of the auction in late February after Larry Ellison, the billionaire founder of Oracle and father of the deal’s architect, pledged to provide the necessary funding.

If completed, the deal would combine Paramount—the company behind CBS and a major film studio—with Warner Bros., adding popular networks like HBO, CNN, TBS, and Food Network to Paramount’s portfolio. Warner Bros. owns a vast library of well-known TV shows, movies, and franchises, including classics like “Casablanca,” the Harry Potter series, D.C. Comics properties, and hit shows like “Game of Thrones,” “Euphoria,” “The Pitt,” and “Rooster.”

Paramount announced Thursday that they’ve received shareholder approval for their acquisition of Warner Bros. Discovery. This follows successful fundraising and progress with regulatory reviews. They expect to finalize the deal in the coming months, creating a new and improved media and entertainment company that will benefit creators and audiences alike.

Paramount still needs to get the green light from regulators in the U.S. and other countries. Larry Ellison, who is hosting a dinner for President Trump in Washington on Thursday, is aiming to finalize the deal by the end of summer.

Shareholders expressed strong disapproval of Warner CEO David Zaslav’s potential exit package, which could be worth as much as $887 million depending on when the deal is finalized. This package includes over $550 million in cash, stock, and options. Additionally, Warner’s board agreed to cover his taxes – potentially up to $330 million – if the merger goes through by the end of the year.

Shareholders, in a non-binding vote, voted against Zaslav’s package.

Paramount’s deal has encountered significant opposition in Hollywood and beyond.

Over 4,000 people in the film industry – including prominent names like Ben Stiller, Bryan Cranston, Ted Danson, J.J. Abrams, and Kristen Stewart – have signed a letter urging California Attorney General Rob Bonta and other officials to stop a particular deal from going through.

Hollywood Inc.

Almost 1,000 artists and filmmakers – including well-known names like Ben Stiller, Bryan Cranston, Noah Wyle, Joaquin Phoenix, Kristen Stewart, and Jane Fonda – signed the letter.

As a movie critic, I’m really concerned about this potential merger. Everyone I’ve spoken to fears it will mean a huge number of job losses, and honestly, I worry about the impact on the quality of shows and movies we’ve come to expect from Warner Bros., CNN, and HBO. Hollywood’s already been reeling from layoffs for the past six years, and the industry still hasn’t bounced back from the production shutdowns caused by last year’s strikes. It feels like a fragile time, and this could be a major blow.

Writers Guild of America West president Michele Mulroney stated on Wednesday that the writing industry is already highly concentrated, with repeated mergers leaving fewer companies dictating how much writers are paid. She made these remarks during a press conference organized by Free Press and other groups opposed to the proposed merger.

According to Mulroney, merging Warner Bros. and Paramount would create a massive media company with the power to cut back on content, raise prices, gain more control over production, lower pay for workers, make working conditions worse, and limit the ability of creative professionals to speak out.

Donald Trump has consistently pushed for changes at CNN, and most observers don’t believe his Justice Department will prevent the current deal from going through. Defense Secretary Pete Hegseth agrees, stating in March that he believes it would be positive if David Ellison were to take control of the network.

It’s currently unknown if Attorney General Bonta, or any other state attorney general, will sue to block the merger. Bonta has stated his office is examining the consolidation.

Alvaro Bedoya, a former Federal Trade Commission member now with the American Economic Liberties Project, said Wednesday that this deal faces significant hurdles and might not go through. He noted that similar proposed mergers have failed in the past due to strong opposition, citing the planned combination of Kroger and Albertson’s as an example.

Hollywood Inc.

Even though Paramount recently signed a one-year agreement with Byron Allen, they’re continuing to explore new projects and concepts, according to George Cheeks, who leads TV Media at the company.

David Ellison has assured everyone that HBO will continue to operate as it is, and both Paramount and Warner Bros. film studios will remain productive. He told movie theater owners last week that a merged Paramount and Warner Bros. would release 30 films to theaters annually.

Paramount stated that this deal combines valuable assets, allowing the new company to approve more projects and invest in innovative ideas while also supporting the careers of creative professionals. They argue it will enable broader distribution of stories to a global audience and foster healthy competition by ensuring multiple major companies are investing in talent.

To fund the acquisition of Warner, Larry Ellison, the billionaire founder of Oracle, has pledged to cover the $45.7 billion in equity. In addition, Paramount has secured over $54 billion in debt financing from Bank of America, Citibank, and Apollo Global.

Hollywood Inc.

Honestly, all the uncertainty with Warner Bros. is really upsetting a lot of people in Hollywood. It’s creating a lot of tension and division among creatives like myself – we’re all worried about what the future holds.

Paramount has hired Makan Delrahim, a lawyer who previously served as the head of antitrust enforcement during Donald Trump’s first term as president.

In December, Delrahim confidently submitted a request for approval from the Justice Department, despite the fact that Paramount hadn’t yet reached an agreement with Warner Bros. Discovery’s board. By February, the deadline for the Justice Department to raise concerns about Paramount’s planned acquisition of Warner had passed without any response from the Trump administration’s regulators.

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2026-04-23 18:01