Warner Bros Discovery shareholders have approved a $110–111 billion takeover by Paramount Skydance, moving the blockbuster media merger a major step closer to completion.
The deal brings together two entertainment giants, combining Warner Bros’ portfolio, which includes HBO, CNN, DC Comics and Harry Potter, with Paramount assets like CBS, MTV and Paramount Pictures. If completed, it will create one of the largest media companies in the world.
Shareholders backed the offer in a formal vote, accepting a cash deal worth around $31 per share, which is higher than recent market levels. The approval reflects investor confidence in the value of the transaction.
However, the merger still needs approval from regulators in the US and other regions. Authorities are expected to closely examine the deal due to its size and potential impact on competition in the media industry.
While investors have welcomed the move, the deal has sparked debate within Hollywood. Critics are concerned it could lead to job cuts, restructuring, and reduced opportunities for smaller creators, as control becomes more centralised under a single large company.
Some shareholders also raised concerns about executive pay linked to the transaction, adding to the discussion around corporate governance.
Supporters argue the merger is a strategic response to a fast-changing entertainment landscape, where streaming competition and rising production costs are forcing companies to scale up.