Warner Bros Discovery shareholders have unanimously voted to approve its merging with Paramount for US$111 billion in a preliminary vote.
After a drawn out and hostile bidding war between Netflix and Paramount in February. Warner Bros Discovery shareholders will receive US$31 per common stock in cash once the merger is complete.
Final vote results from the special meeting are subject to certification by the Company’s independent inspector of election and will be filed with the U.S. Securities and Exchange Commission on a Form 8-K.
For the merger to be successful, it must still face the US Department of Justice (DOJ) as well as the Federal Communications Commission (FCC) to be reviewed to check for anti-competition issues.
It is also facing the wraith of activist movement, #blockthemerger, which is backed by major Hollywood celebrities including the likes of Pedro Pascal, Jane Fonda, Jason Bateman and more. The movement has created a form of petition garnering signatures from across Hollywood as well as publishing a letter of concern, urging regulators to pause the transaction.
The initiative has amassed over 4000 signatures from industry professionals.
Warner Bros. Discovery, chair of board of directors, Samuel A. Di Piazza, Jr., said: “We appreciate the support and confidence our stockholders have placed in us to unlock the full value of our world-class entertainment portfolio,”
“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 Chief Executive Officer, David Zaslav, said: “Today’s stockholder approval is another key milestone toward completing this historic transaction that will deliver exceptional value to our stockholders. We will continue to work with Paramount to complete the remaining steps in this process that will create a leading, next-generation media and entertainment company.”
Paramount expects the transaction to close in Q3 2026, subject to customary closing conditions, including regulatory clearances.
