Warner Bros. Discovery announced on Thursday that stockholders voted overwhelmingly to approve the company’s proposed $110 billion all-cash merger with Paramount Skydance, clearing a major hurdle in what would create one of Hollywood’s largest media and entertainment conglomerates. The special shareholder meeting, held Wednesday, delivered strong support for the deal, under which WBD investors will receive $31 per share — a substantial premium to the company’s pre-deal trading levels. Final results will be certified and filed with the SEC.
“We appreciate the support and confidence our stockholders have placed in us to unlock the full value of our world-class entertainment portfolio,” said Samuel A. Di Piazza, Jr., Chair of the Warner Bros. Discovery Board of Directors. “With Paramount, we look forward to creating an exceptional combined company that will expand consumer choice and benefit the global creative talent community.”
WBD President and CEO David Zaslav added, “Today’s stockholder approval is another key milestone toward completing this historic transaction that will deliver exceptional value to our stockholders. We will continue to work with Paramount to complete the remaining steps in this process that will create a leading, next-generation media and entertainment company.”
The path to Thursday’s vote unfolded amid an intense bidding war that reshaped Hollywood’s landscape. Late last year, Warner Bros. Discovery drew competing interest from Netflix and Paramount Skydance as it explored strategic options, including a potential split of its assets. Paramount Skydance, led by David Ellison, ultimately prevailed in February 2026 with a superior all-cash offer valued at approximately $110 billion, or $31 per share — a premium that prompted Netflix to withdraw rather than match.
Warner Bros. Discovery’s board unanimously endorsed the Paramount deal, and on March 26 the company formally set the special shareholder meeting for Wednesday while mailing proxy materials to investors.
The deal is expected to close in the third quarter of 2026, subject to regulatory approvals in the U.S. and internationally. The U.S. Department of Justice has already issued subpoenas examining impacts on studios, streaming, content rights, and theaters. European regulators, including the UK’s Competition and Markets Authority, are also reviewing the transaction and may seek asset divestitures.
The combined entity would unite Warner Bros. studios, HBO, CNN, and Discovery networks with Paramount’s assets including CBS, Paramount Pictures, and Paramount+.
Proponents argue it will strengthen competition against tech giants, while critics worry about reduced consumer choice and industry consolidation. Some state attorneys general have signaled potential legal challenges, citing concerns over media concentration. However, executives at both companies have expressed optimism about clearing the hurdles.
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Christina Botteri is the Executive Editor of The Tennessee Star and The Star News Network. Follow her on X at @christinakb.
Photo “TV Time” by Vika Glitter and “Warner Bros.” is by Warner Bros.
