Warner Bros. Discovery Stockholders Approve Landmark Transaction with Paramount Skydance
In a pivotal moment for the entertainment industry, Warner Bros. Discovery (WBD) stockholders overwhelmingly approved the company's previously announced transaction with Paramount Skydance Corporation on Thursday, April 23, 2026. The approval came during a Special Meeting of Stockholders, where nearly 99% of the votes cast were in favor of the merger, representing 70% of the company's outstanding shares. This decision clears a major hurdle for the $111 billion deal, which aims to combine two of Hollywood's most historic studios into a new media powerhouse.
The transaction, which has been unanimously approved by the Boards of Directors of both companies, offers WBD shareholders $31.00 per share in cash, a significant premium of 147% compared to the stock's unaffected price prior to the announcement. The deal is expected to close in the third quarter of 2026, pending customary closing conditions, including regulatory clearances in the U.S. and abroad.
David Zaslav, President and Chief Executive Officer of Warner Bros. Discovery, expressed optimism about the merger's potential. "Over the past four years, our teams have transformed Warner Bros. Discovery and returned the company to industry leadership," Zaslav stated. "Today's stockholder approval is another key milestone toward completing this historic transaction that will deliver exceptional value to our stockholders."
Paramount Skydance CEO David Ellison echoed these sentiments, stating in a memo to employees, "We are grateful for the trust and confidence shareholders have placed in our leadership team and in our plan to combine our organizations to build a next-generation media and entertainment company — one that better serves both the creative community and consumers around the world."
However, the deal has not been without controversy. While shareholders approved the merger, they cast an advisory vote against the generous executive compensation packages tied to the transaction, notably a potential payout of up to $887 million for CEO David Zaslav. Concerns have also been raised by industry professionals, including over 4,000 filmmakers, actors, and workers, who fear the consolidation will lead to significant layoffs and a decline in programming quality in an already highly consolidated industry.
The merger follows a complex bidding process that included a previous agreement with Netflix, which was ultimately surpassed by Paramount Skydance's all-cash offer for the entirety of Warner Bros. Discovery. Regulatory authorities in Washington and London are expected to scrutinize the deal's impact on market competition.
Paramount Skydance, which was formed in August 2025 through the merger of Paramount Global and Skydance Media, is poised to integrate Warner Bros. Discovery's extensive portfolio, including iconic franchises and news assets like HBO, CNN, and Warner Bros. studios. Executives have suggested that the combined entity may merge streaming services like Paramount+ and HBO Max into a single platform.
The transaction, which has been unanimously approved by the Boards of Directors of both companies, offers WBD shareholders $31.00 per share in cash, a significant premium of 147% compared to the stock's unaffected price prior to the announcement. The deal is expected to close in the third quarter of 2026, pending customary closing conditions, including regulatory clearances in the U.S. and abroad.
David Zaslav, President and Chief Executive Officer of Warner Bros. Discovery, expressed optimism about the merger's potential. "Over the past four years, our teams have transformed Warner Bros. Discovery and returned the company to industry leadership," Zaslav stated. "Today's stockholder approval is another key milestone toward completing this historic transaction that will deliver exceptional value to our stockholders."
Paramount Skydance CEO David Ellison echoed these sentiments, stating in a memo to employees, "We are grateful for the trust and confidence shareholders have placed in our leadership team and in our plan to combine our organizations to build a next-generation media and entertainment company — one that better serves both the creative community and consumers around the world."
However, the deal has not been without controversy. While shareholders approved the merger, they cast an advisory vote against the generous executive compensation packages tied to the transaction, notably a potential payout of up to $887 million for CEO David Zaslav. Concerns have also been raised by industry professionals, including over 4,000 filmmakers, actors, and workers, who fear the consolidation will lead to significant layoffs and a decline in programming quality in an already highly consolidated industry.
The merger follows a complex bidding process that included a previous agreement with Netflix, which was ultimately surpassed by Paramount Skydance's all-cash offer for the entirety of Warner Bros. Discovery. Regulatory authorities in Washington and London are expected to scrutinize the deal's impact on market competition.
Paramount Skydance, which was formed in August 2025 through the merger of Paramount Global and Skydance Media, is poised to integrate Warner Bros. Discovery's extensive portfolio, including iconic franchises and news assets like HBO, CNN, and Warner Bros. studios. Executives have suggested that the combined entity may merge streaming services like Paramount+ and HBO Max into a single platform.
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