Warner Bros. Discovery stockholders voted overwhelmingly Thursday to approve the company’s sale to Paramount Skydance Corporation in a deal valued at $81 billion in equity and approximately $110 billion on an enterprise basis.
The approval moves the proposed merger closer to completion, though the transaction still requires regulatory clearances.
The companies have targeted a closing in the third quarter of 2026, per an April 23 press release from Warner Bros. Discovery, Inc.
The deal, first announced on February 27, 2026, calls for Paramount to pay $31.00 per share in cash for all outstanding shares of Warner Bros, as previously reported on by The Dallas Express. Discovery. In the event the transaction has not closed by September 30, 2026, Warner Bros. Discovery shareholders will receive a $0.25 per share “ticking fee” for each quarter, measured daily until closing.
Under the terms outlined in the joint announcement, the transaction creates “a premier global media and entertainment company focused on expanding consumer choice and empowering creative talent worldwide.” The boards of both companies unanimously approved the agreement.
Warner Bros. Discovery set the shareholder meeting date for April 23, 2026, and began mailing the definitive proxy statement in late March. Shareholders of record as of March 20, 2026, were eligible to vote.
The merger follows a competitive bidding process that included an earlier agreement between Warner Bros. Discovery and Netflix, which Netflix later declined to match after Paramount’s revised offer was deemed superior. Paramount’s bid covers the entirety of Warner Bros. Discovery, including its studios, HBO Max streaming service, CNN, and linear networks.
The combined entity would unite Warner Bros. film and television assets with Paramount’s portfolio, including Paramount Pictures, CBS, Paramount+, and other properties. Executives have noted plans for continued theatrical releases and maintenance of separate studio operations.
The deal remains subject to customary closing conditions, including review by antitrust regulators in the United States and other jurisdictions. No specific timeline beyond the third-quarter target has been confirmed for regulatory decisions.
