Warner Bros. Discovery shareholders approve $110 billion merger with Paramount Skydance

Published: 2026-04-24 10:10:09 ET PSKY

Published on 04/24/2026 at 10:10 am EDT

Key takeaways

Shareholders of Warner Bros. Discovery have given their decisive approval to the 110-billion-dollar (94-billion-euro) merger with Paramount Skydance. Although this vote marks an important step forward, it did not pass without resistance; investors in particular rejected the hefty remuneration packages that had been proposed for WBD executives, including a 550-million-dollar (470-million-euro) payout for outgoing CEO David Zaslav. This move follows earlier approvals from the boards of directors of both companies and represents a major shift in the media landscape.

Financial outlook

The transition, which is expected to be completed between July and September, will yield 31 dollars (26.5 euros) per share for WBD shareholders. Representatives of both organisations have described the deal as a milestone that will pave the way for a leading next-generation entertainment entity. Zaslav expressed confidence that the merger will generate substantial value, while Paramount Skydance noted that the approval builds on their recent progress with debt and equity financing.

Completion of the merger is, however, far from certain because of looming legal and regulatory challenges. The transaction still requires approval from the Department of Justice and European regulators, and there is a risk of a lawsuit from several state attorneys-general. Alvaro Bedoya, a former member of the Federal Trade Commission, indicated that California’s attorney-general, Rob Bonta, may take the lead in blocking the deal, noting that legislative measures could also undo the merger.

Impact on the sector and media integrity

The consolidation has also drawn fierce criticism regarding its social and economic consequences. Craig Aaron of advocacy group Free Press criticised shareholders for prioritising short-term gains, warning that the deal could lead to large-scale job losses in the sector, higher subscription prices and a decline in diversity in the news.

Similarly, former CNN anchor Jim Acosta voiced fears that CBS News being owned by the Ellison family could result in a more politically biased, conservative-leaning news environment. These concerns about job losses and media integrity were also central during a recent Senate hearing chaired by Senator Cory Booker. (fc)

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