WBD Shareholders Approve Paramount’s $81 Billion Takeover of Warner Bros. Discovery as Golden Parachute Rejected and Netflix Battle Ends

Warner Bros. Discovery shareholders have approved the company’s sale to Paramount Skydance in a key vote, advancing the proposed $110 billion merger that would reshape the media and entertainment industry.

The approval came during a special virtual meeting held on Wednesday morning, where company officials confirmed the merger vote passed “overwhelmingly,” although exact vote totals were not immediately disclosed. The vote represents a significant milestone toward completing the transaction, which was first announced on February 27, 2026.

We appreciate the support and confidence our stockholders have placed in us to unlock the full value of our world-class entertainment portfolio.

Samuel A. Di Piazza, Jr., Warner Bros. Discovery board chairman

Di Piazza, who presided over the meeting, stated that the combined company with Paramount would “expand consumer choice and benefit the global creative talent community.” Warner Bros. Discovery CEO David Zaslav echoed this sentiment, calling the vote a “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.

David Zaslav, Warner Bros. Discovery CEO

The proposed acquisition values Warner Bros. Discovery at $81 billion in equity and $110 billion in enterprise value, with shareholders set to receive $31 per share in cash. Pending regulatory approval, Paramount has indicated it expects the transaction to close in the third quarter of 2026.

In a related vote during the same meeting, shareholders rejected a compensation package for CEO David Zaslav related to the merger that could have exceeded $500 million and potentially reached $800 million depending on various factors. However, this vote on executive compensation was non-binding, meaning Zaslav may still receive the payment despite the shareholder rejection.

The merger has been described as a potentially transformative deal for Hollywood and the broader media landscape, combining two major entertainment companies under one entity. The deal effectively ends Warner Bros. Discovery’s previous plans to split itself into two separate companies.

As of Thursday, April 23, 2026, the transaction remains pending final regulatory approvals before it can be completed.