Warner Bros. Discovery shareholders approve Paramount deal

April 23, 2026

An article summarized by Variety:

Shareholders of Warner Bros. Discovery overwhelmingly approved the proposed $111 billion acquisition by Paramount Skydance, moving the deal closer to completion and positioning David Ellison to lead a major combined media empire. The agreement includes a $31-per-share cash offer and is seen as a transformative merger in the entertainment industry, though it still requires regulatory approval in the U.S. and Europe.

Despite backing the deal itself, shareholders strongly opposed the massive executive compensation packages tied to the merger, particularly for CEO David Zaslav. His exit package alone is valued at over $550 million, with additional potential tax reimbursements and stock benefits pushing the figure even higher. While the vote against these payouts is non-binding, it signals significant investor frustration over executive pay.

The merger also faces broader scrutiny, including political opposition, potential legal challenges from state attorneys general, and criticism from Hollywood unions and industry figures concerned about consolidation and job cuts. If completed, the combined company would control a vast portfolio of assets, from HBO and CNN to CBS and Paramount Pictures, and is expected to pursue billions in cost savings, likely leading to layoffs and major restructuring across the industry.