Warner Bros. Discovery shareholders gave the green light on Thursday to Paramount Skydance’s $81 billion takeover — a deal that would reshape the Hollywood media landscape.
Warner Bros. Discovery, Inc., WBD
Under the terms, WBD stockholders are set to receive $31 per share. That’s a 147% premium over where the stock sat on September 10, when The Wall Street Journal first reported Paramount was preparing a bid.
WBD chair Samuel DiPiazza said the deal will “unlock the full value of our world-class entertainment portfolio.” A Paramount spokesperson added the company looks forward to “realizing the creation of a next-generation media and entertainment company.”
Paramount stock fell around 4.8% shortly after the vote results were announced. Warner Bros. Discovery stock traded roughly flat.
The road to Thursday’s vote wasn’t straightforward. Paramount had to fend off a rival bid from Netflix, which the streaming giant ultimately withdrew after Paramount came in with a higher offer.
Paramount is backed by tech billionaire Larry Ellison and led by his son David. Larry Ellison attended a dinner with President Trump on Thursday at the U.S. Institute of Peace in Washington D.C. — the same day the vote was confirmed.
The deal still needs sign-off from the U.S. Department of Justice and European competition regulators. The merger is expected to close by September 2026, but regulatory approval is far from guaranteed.
Several lawmakers have raised antitrust concerns. Hulk actor Mark Ruffalo was expected to join protesters outside the Washington D.C. dinner venue to demonstrate against what organizers called a “corruption gala.”
If approved, Paramount will fold Warner Bros. Discovery’s HBO Max streaming base into its portfolio. It would also take ownership of CNN, the Food Network, the Discovery Channel, and various sports offerings.
More than 1,400 film and TV professionals — including Emma Thompson, Ben Stiller, and Javier Bardem — signed a letter in April warning the deal would harm an already struggling industry.
“The result will be fewer opportunities for creators, fewer jobs across the production ecosystem, higher costs, and less choice for audiences,” the letter said.
Paramount pushed back, pledging its commitment to talent and saying it wants to ensure “creators have more avenues for their work, not fewer.”
CNN’s future under the Ellisons has drawn particular scrutiny. Trump has frequently criticized the network and said in December he believed it should be sold as part of any Warner Bros. takeover.
Paramount’s existing traditional network brands include Nickelodeon, CBS, and Comedy Central. A combined entity would also inherit WBD’s titles, including Harry Potter and Game of Thrones.
The shareholder vote was the latest milestone in a deal first floated months ago. Regulatory review is now the final — and most uncertain — step before it can close.
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