Warner Bros. Discovery shareholders have voted to approve Paramount's $81 billion takeover of the company, clearing a major hurdle in one of the most consequential consolidations in Hollywood history.
The deal would combine Warner Bros. Discovery with Paramount Skydance, creating an entertainment behemoth at a moment when traditional media companies are under relentless pressure from streaming giants. The combined entity would bring together properties including HBO, CNN, Warner Bros. film studio, CBS, MTV, and Nickelodeon under one corporate roof.
The shareholder vote came despite a backlash from within the creative community. A petition calling on regulators to block the merger surpassed 4,000 signatures, according to Variety, with notable names including Robert De Niro, Sofia Coppola, and Holly Hunter among those who signed. Critics of the deal have raised concerns about job cuts, creative consolidation, and what such a merger could mean for independent filmmaking and diverse storytelling.
Warner Bros. Discovery shareholders also rejected a golden parachute package for outgoing CEO David Zaslav as part of the merger proceedings, according to Deadline. The rejection of executive compensation tied to the deal reflected broader frustration among some investors over the company's performance and direction under Zaslav's leadership.
The merger, which had been in negotiation for an extended period, marks the latest in a wave of consolidation reshaping the media landscape. Streaming competition from Netflix and other platforms has squeezed revenue from traditional cable and theatrical releases, pushing legacy studios to seek scale.
Regulatory approval will still be required before the deal can close. The path through antitrust review could take months, and opposition from creators and labor groups may factor into how closely regulators scrutinize the combined company's market power.
