Paramount's US$111bn Takeover is Approved by Warner Bros.

Warner Bros Discovery (WBD) shareholders have approved the company’s US$111bn takeover by Paramount, a deal that could impact brands across Hollywood and the entire media industry.

The deal would see Paramount take control of all WBD properties and channels, including Harry Potter, Game of Thrones and news network CNN.

In a press release on the approval, WBD Chair Samuel DiPiazza says: “We appreciate the support and confidence our stockholders have placed in us to unlock the full value of our world-class entertainment portfolio.

“With Paramount, we look forward to creating an exceptional combined company that will expand consumer choice and benefit the global creative talent community.”

WBD stockholders voted “overwhelmingly” to approve the adoption of the merger agreement with Paramount, according to the statement.

The transaction is expected to close in Q3 2026, subject to customary close conditions, such as approval from the US Department of Justice and European competition regulators.

Previous attempts at acquisition

The approval of the deal comes after months of progress, following a previous takeover bid for WBD by Netflix, which the streaming platform later withdrew after Paramount submitted a larger offer.

In January, Paramount reaffirmed its commitment to offer WBD shareholders US$31 per share, calling it a “superior offer” in a company statement.

Paramount argued that buying the whole group would deliver greater cash value to shareholders and avoid leaving behind a smaller, indebted global networks business and create a scaled media company that could compete with streaming giants like Netflix.

The company also added that its bid was backed by equity from the Ellison family and RedBird Capital, in addition to large debt commitments from major banks.

Netflix previously tried to acquire WBD as part of a US$82.7bn proposal in December 2025 but eventually walked away from the deal following a higher counteroffer from Paramount.

The streaming service said in a February statement matching the required amount offered by Paramount made the acquisition deal “no longer financially attractive,” with Netflix’s Co-CEOs Ted Sarandos and Greg Peters adding: “We believe we would have been strong stewards of Warner Bros′ iconic brands.

“But this transaction was always a ‘nice to have’ at the right price, not a ‘must have’ at any price.”

Beginning of the integration process

The proposed deal has been subject to criticism from those in Hollywood and the wider media landscape, with some industry veterans and activists voicing concerns over Paramount’s CEO David Ellison’s connections to the Trump administration, suggesting the deal could be used as a tool for political leverage.

Opponents of the deal held a protest outside WBD headquarters on 23 April shortly before the vote, urging Democratic state attorneys to challenge the deal on grounds of antitrust.

Paramount executives are confident they can ensure the signing off of all regulatory terms by lawmakers in the next few months. The WBD acquisition deal includes a “ticking fee” that will result in the increase in price per share if the deal isn’t finalised by September 30.

Top executives at WBD and Paramount have already begun the integration planning process, but the two companies must still operate separately for the time being.

While shareholders unanimously voted to agree on the deal by Paramount, they voted against proposed compensation packages for WBD executives, such as the US$550m payout to outgoing CEO David Zaslav.

A representative from the virtual shareholder meeting said the compensation package proposal “did not receive sufficient votes and did not pass.”

However, the vote was merely advisory, not binding in nature, meaning the WBD board of directors may still move forward with the payouts.