Warner Bros. Discovery shareholders voted to approve the acquisition by Paramount Skydance on April 23, 2026, giving the deal a critical shareholder milestone. The transaction is valued at $81 billion in equity and approximately $110 billion to $111 billion on an enterprise basis, which includes the $31 per share cash payment to WBD shareholders and the $0.25 per share quarterly ticking fee that will apply if the deal does not close by September 30, 2026.
The merger combines the two largest legacy studios and their streaming platforms, creating a new media powerhouse that will own HBO Max, Paramount+, CNN, CBS, and a broad portfolio of film and television assets. Paramount expects the transaction to generate more than $6 billion in synergies through technology integration, corporate efficiencies, and operational streamlining. The deal is positioned to strengthen the combined company’s competitive stance against larger streaming players and to expand its content library and brand reach.
Regulatory approval remains a key hurdle. The transaction is subject to review by the U.S. Department of Justice, European regulatory agencies, and potential state attorney general lawsuits. Industry opposition has been significant, with over 4,000 filmmakers, actors, and workers voicing concerns about potential layoffs and reduced programming quality, and advocacy groups such as Free Press warning of job losses, propaganda risks, higher prices, and fewer consumer choices.
Shareholder sentiment on executive compensation diverged from the merger approval. While the vote on the transaction was overwhelmingly in favor, shareholders rejected proposed compensation packages for WBD executives, including a substantial payout to CEO David Zaslav. This indicates a willingness to support the strategic move while demanding tighter executive pay controls.
Management emphasized the strategic benefits of the merger. David Zaslav said, "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." A Paramount Skydance spokesperson added, "Shareholder approval marks another important milestone toward completing our acquisition of Warner Bros. Discovery, building on our successful equity and debt syndications and progress across regulatory approvals. We look forward to closing the transaction in the coming months and realizing the creation of a next-generation media and entertainment company that better serves both the creative community and consumers."
The deal is expected to close in the third quarter of 2026, contingent on regulatory approval. The combined entity will be positioned to leverage its extensive content library and brand portfolio to compete more effectively in the evolving media landscape, while navigating the regulatory and industry challenges that accompany such a large consolidation.
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