Shareholders approve Paramount takeover of Warner Bros Discovery

Published: 2026-04-23 11:42:07 ET WBD

WBD shareholders have greenlit the proposed acquisition of the group by Paramount Skydance, marking a decisive milestone in the sale process. The accepted offer stands at $31 per share and covers all operations, including the CNN, TNT, and Discovery networks, the HBO Max platform, and the Warner Bros. studio. This decision follows months of negotiations and competition, notably from Netflix and Comcast, amid intense consolidation within the media sector.

Esteban Tesson

Published on 04/23/2026 at 11:42 am EDT

Paramount's sweetened bid in February led Netflix to withdraw from discussions. The agreement also includes a $7bn break-up fee in the event of regulatory failure, as well as the payment of $2.8bn owed to Netflix following the termination of a previous partnership. The transaction is expected to close in Q3, subject to approval from the relevant authorities.While shareholders validated the buyout, they rejected the exceptional compensation plan intended for executives, including CEO David Zaslav. This package, valued at over $800m, remains advisory and is still expected to be implemented. Both groups are presenting the deal as a key step toward creating a major global entertainment powerhouse.