Warner Bros Discovery shareholders approved Paramount’s takeover bid, advancing a media merger valued at nearly $111 billion including debt.
Warner Bros Discovery shareholders have approved Paramount’s takeover of the company, advancing a proposed media combination valued at nearly $111 billion including debt that could reshape Hollywood, streaming and television news.
The vote gives Paramount a major corporate win after a months-long contest for Warner Bros Discovery, but it does not complete the deal. The acquisition still needs approval from the U.S. Department of Justice and European competition regulators, and the companies have said they expect a closing in the coming months if those reviews clear.
The transaction would put Warner Bros titles and networks — including HBO Max, Harry Potter, Game of Thrones, CNN, Food Network and Discovery Channel — under the same corporate roof as Paramount brands such as CBS, Nickelodeon, Comedy Central, Top Gun and Paramount+.
Warner Bros chair Samuel DiPiazza said the company sees the deal as a way to build scale around its entertainment assets. “With Paramount, we look forward to creating an exceptional combined company that will expand consumer choice and benefit the global creative talent community,” he said.
Paramount is led by David Ellison and backed by his father, tech billionaire Larry Ellison. The shareholder vote came as Donald Trump was scheduled to attend a Thursday dinner hosted by David Ellison at the U.S. Institute of Peace in Washington, D.C., an event that has drawn planned protests from critics concerned about the deal’s regulatory review and the future of CNN.
Trump has repeatedly criticized CNN and said in December that he believed the news network should be sold as part of any Warner Bros takeover. He also called CNN’s leadership “corrupt or incompetent” and said they should not be entrusted to run the network.
The deal has faced opposition from parts of the entertainment industry and from Democratic lawmakers who warn that further consolidation could reduce jobs, narrow creative opportunities and raise costs for audiences. In April, more than 1,400 actors, directors and filmmakers, including Emma Thompson, Ben Stiller and Javier Bardem, signed a letter warning that the merger would mean fewer opportunities for creators and less choice for audiences.
Paramount has pushed back on those concerns, saying it is committed to talent and to giving creators more avenues for their work. David Ellison has also sought to reassure filmmakers, including by pointing to a planned 45-day theatrical window and a target of releasing 30 films a year between Paramount and Warner under a combined company.
Antitrust scrutiny now becomes the central question. Sen. Elizabeth Warren called the transaction “an anti-trust disaster” and said state attorneys general would try to stop it. California Attorney General Rob Bonta has said his state is investigating the deal. Market research analyst Mike Proulx of Forrester told the BBC that Washington is likely to approve the transaction, but said European regulators could shape its timing and terms.
If regulators allow the acquisition to proceed, Paramount would absorb Warner Bros Discovery’s streaming customers and a large portfolio of studio, cable, sports and news assets. Until then, shareholder approval marks a major step — not the final one — in a deal whose outcome will be watched closely across entertainment, media and politics.
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