Warner Bros Discovery Shareholders Approve $110B Paramount Merger — CEO Zaslav Calls It A ‘Historic Transaction’

• Warner Bros. Discovery shareholders will receive $31 per share in cash once the agreement is approved by regulators.
• The company stated that the transaction is expected to close in the third quarter this year.
• In case the deal is not finalized by Sept. 30, 2026, WBD shareholders will receive an additional $0.25 per share for each quarter the deal remains pending.

Warner Bros. Discovery Inc. (WBD) shareholders on Thursday approved the company’s merger with Paramount Skydance Corp. (PSKY) in a $110 billion deal.

The company stated that a preliminary vote count showed that shareholders overwhelmingly supported the adoption of the merger agreement with Paramount.

“Today's stockholder approval is another key milestone toward completing this historic transaction that will deliver exceptional value to our stockholders,” said Warner Bros. Discovery CEO David Zaslav.

Warner Bros. Discovery stated that the transaction is expected to close in the third quarter (Q3) this year.

Warner Bros. Discovery shares were down 0.3% in Thursday’s opening trade, while Paramount Skydance shares were down nearly 6%.

What Will WBD Shareholders Get?

Warner Bros. Discovery shareholders will receive $31 per share in cash once the agreement is approved by regulators.

In case the deal is not finalized by Sept. 30, 2026, they will receive an additional $0.25 per share for each quarter the deal remains pending, as part of a “ticking fee” proposed by Paramount.

According to a Bloomberg report, shareholders voted to reject Zaslav’s pay package, which included accelerated equity awards valued at more than $500 million and $335 million in potential tax reimbursements.

Proxy adviser Institutional Shareholder Services had previously urged shareholders to vote against the package, calling it one of the highest golden parachute estimates ever observed.

Elizabeth Warren Says WBD-PSKY Merger Is Not A Done Deal

Senator Elizabeth Warren stated in a post on X that the Warner Bros. Discovery and Paramount Skydance merger is not a done deal.

“State attorneys general across the country are stepping up to stop this antitrust disaster. We need to keep up this fight,” she said.

Warren had previously called it an antitrust disaster that threatened higher prices and fewer choices for American consumers.

“A handful of Trump-aligned billionaires are trying to seize control of what you watch and charge you whatever price they want,” she said.

The merger has also drawn criticism from a section of Hollywood, with actors like Bryan Cranston, Ben Stiller, Don Cheadle, and directors like J.J. Abrams and Denis Villeneuve voicing opposition to the deal earlier this month.

“The result will be fewer opportunities for creators, fewer jobs across the production ecosystem, higher costs, and less choice for audiences in the United States and around the world. Alarmingly, this merger would reduce the number of major U.S. film studios to just four,” the letter stated.

WBD stock is down 6% year-to-date, while PSKY stock is down 17%. The State Street Communication Services Select Sector SPDR ETF (XLC) is up 28% over the past 12 months, while the Vanguard S&P 500 ETF (VOO) is up 33%.

The Vanguard Small-Cap Index Fund ETF (VB) is up 35% during this period.

Also See: MBLY Stock On Track For Best Single-Day Gains In Over A Year – CEO Highlights Stronger-Than-Expected Start To 2026

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