Shareholders of Warner Bros Discovery have approved a proposed $110 billion merger with Paramount Global and Skydance Media, advancing one of the largest consolidation deals in the entertainment industry.
The approval marks a significant milestone for the transaction, which is expected to close in the third quarter of 2026, subject to regulatory clearances in the United States and Europe. In a separate vote, shareholders rejected a non-binding proposal related to executive compensation, including a potential payout package for CEO David Zaslav.
The deal follows a competitive bidding process that began in late 2025, when Warner Bros Discovery explored strategic options amid ongoing pressures in the streaming and broadcast sectors.
Netflix had initially emerged as a competing bidder, but Paramount–Skydance secured the agreement after raising its offer to approximately $110 billion. Netflix subsequently withdrew from the process.
The proposed merger would combine Warner Bros Discovery’s film, television and streaming assets, including HBO and CNN, with Paramount’s portfolio, which includes CBS and Paramount Pictures.
The transaction now faces regulatory scrutiny, with authorities expected to assess its impact on competition, market concentration and consumer choice. If approved, the merger would create a scaled media entity aimed at competing more effectively with global streaming platforms, as consolidation accelerates across the sector.
