Warner Bros. Shareholders Approve Paramount Skydance Buyout at $31 Per Share as Regulatory Review Looms Amid Hollywood Concerns Over Media Plurality
- Discovery shareholders have approved Paramount Skydance's proposed acquisition of the company at $31 per share, clearing a major hurdle in a deal that would merge two of Hollywood's...
- The approval came during a special meeting on Thursday, with shareholders voting "overwhelmingly" in favor of the takeover, according to Warner Bros.
- Discovery at roughly $77 billion based on the share price and including debt, the transaction is valued at nearly $111 billion.
Warner Bros. Discovery shareholders have approved Paramount Skydance’s proposed acquisition of the company at $31 per share, clearing a major hurdle in a deal that would merge two of Hollywood’s most storied entertainment conglomerates.
The approval came during a special meeting on Thursday, with shareholders voting “overwhelmingly” in favor of the takeover, according to Warner Bros. Discovery. The vote was described as a pro forma step but remains a crucial milestone in the monthslong struggle for control of one of the world’s largest media companies.
Paramount Skydance’s offer values Warner Bros. Discovery at roughly $77 billion based on the share price and including debt, the transaction is valued at nearly $111 billion. The deal would bring together Warner Bros. Film studio, HBO Max, and cable channels including CNN, TBS, and TNT with Paramount’s assets such as CBS, “Top Gun,” and the Paramount+ streaming service.
David Zaslav, CEO of Warner Bros. Discovery, said the stockholder approval marks “another key milestone toward completing this historic transaction.” Paramount Skydance echoed the sentiment, stating it looks forward to closing the deal in the coming months and realizing the creation of a next-generation media and entertainment company.
Despite shareholder approval, the merger still faces significant regulatory scrutiny. The transaction requires clearance from antitrust regulators at the U.S. Department of Justice, and could encounter a legal challenge from California Attorney General Rob Bonta, whose office is investigating the deal.
The proposed consolidation has also drawn pushback from Democratic lawmakers, including Massachusetts Senator Elizabeth Warren and New Jersey Senator Cory Booker, as well as concern from Hollywood’s creative community over potential impacts on media plurality and competition.
Paramount Skydance, led by CEO David Ellison, remains optimistic about completing the deal in the third quarter of 2026, which would mean by the end of September, pending regulatory outcomes.