Warner Bros. approves mega-merger

Warner Bros. Discovery shareholders voted Thursday to approve Paramount Skydance’s takeover bid, moving a roughly $110 billion to $111 billion studio merger closer to closing. (prnewswire.com) Warner Bros. said the vote came at a special meeting on April 23, 2026, and called the support “overwhelming” in a preliminary count. The company said shareholders would get $31 in cash for each Warner Bros. share if the deal closes. (prnewswire.com) Paramount’s offer covers Warner Bros.’ film studio, HBO Max, CNN, TNT and Discovery’s cable channels, while Paramount brings CBS, Paramount Pictures and Comedy Central into the same company. Warner Bros. said the transaction is expected to close in the third quarter of 2026 if regulators approve it. (abcnews.com, prnewswire.com) The vote settles one question and opens a larger one: whether U.S. and European regulators will allow one company to control two major movie studios, two big television news operations and a deeper library of sports, franchises and streaming rights. Reuters reported Thursday that antitrust review is now the central hurdle. (reuters.com, nbcnews.com) The deal also arrives after months of bidding and reversals. CNBC reported that Paramount’s $31-a-share proposal followed several offers since September and a bidding contest with Netflix and Comcast, and that Paramount agreed to a $7 billion breakup fee if regulators block the merger. (cnbc.com) David Ellison, Paramount’s chief executive, would emerge with control over Warner Bros., HBO and CNN if the merger is completed. National Public Radio reported that Ellison has spent recent months trying to calm fears in Hollywood about what another round of consolidation would mean for jobs and creative independence. (npr.org) Those fears were visible in Thursday’s vote. Variety and The Hollywood Reporter said shareholders approved the merger but voted against the compensation package for Warner Bros. chief executive David Zaslav and other top executives tied to the sale. (variety.com, hollywoodreporter.com) Warner Bros. board chair Samuel A. Di Piazza Jr. said the combined company would “expand consumer choice,” and Paramount said the merger would better serve creators and audiences. Opponents in Hollywood have argued the opposite, warning that fewer owners would mean fewer buyers for films, shows and sports rights. (prnewswire.com, latimes.com) Thursday’s vote did not finish the merger. It moved the fight from Warner Bros.’ shareholder rolls to regulators’ desks, where the future of HBO, CBS, CNN and Paramount Pictures will be decided. (prnewswire.com, reuters.com)