Warner Bros. Discovery shareholders approve Paramount Skydance merger

• Paramount’s bid beat out a rival $82.7bn proposal from Netflix.
• The deal follows months of bidding tensions and legal disputes.
• Zaslav calls the merger a step toward a next-generation media company.

Warner Bros. Discovery shareholders have approved the company’s proposed merger with Paramount Skydance Corporation.

The approval was secured during a special stockholder meeting, with preliminary results showing overwhelming support for the transaction. 

The deal is expected to close in Q3 2026, pending regulatory approvals and other customary conditions, before closing one of the industry’s most closely watched deals.

Shareholder support 

The transaction follows months of competition, with Netflix previously exploring a rival bid valued at $82.7 billion before ultimately stepping back.

Paramount’s offer, reported at $31 per share, gained traction after Warner Bros. Discovery rejected competing proposals and moved forward with what it deemed a superior deal.

“We appreciate the support and confidence our stockholders have placed in us to unlock the full value of our world-class entertainment portfolio,” said Warner Bros. Discovery board of directors chair Samuel A. Di Piazza, Jr.

“With Paramount, we look forward to creating an exceptional combined company that will expand consumer choice and benefit the global creative talent community.”

Warner Bros. Discovery president and CEO David Zaslav commented, “Over the past four years, our teams have transformed Warner Bros. Discovery and returned the company to industry leadership.

“Today’s stockholder approval is another key milestone toward completing this historic transaction that will deliver exceptional value to our stockholders."