Warner Bros. Discovery (WBD) shareholders have “overwhelmingly” approved Paramount’s $111 billion acquisition.
This approval followed a shareholder vote held yesterday (April 23) and remains subject to certification by an independent inspector of elections.
The transaction must still be cleared by both the US Department of Justice and European competition authorities before moving forward.
Looking ahead, WBD and Paramount Skydance anticipate closing the deal in the third quarter of September 2026.
“We appreciate our stockholders’ support to unlock our entertainment portfolio’s full value,” said WBD board chair Samuel A. Di Piazza.
“With Paramount, we look forward to creating an exceptional combined company that will expand consumer choice and benefit the global creative talent community.”
WBD president and CEO David Zaslav added: “Over the past four years, our teams have transformed WBD and returned the company to industry leadership.
“Today’s stockholder approval is another key 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.”
WBD announced last October that it was considering a “potential sale”, starting the acquisition process.
Following this announcement, Netflix offered $82.7 billion to acquire WBD in December, including its film studio, streaming business, and games division.
Shortly after Netflix’s offer, Paramount submitted an initial bid of $108.4 billion to acquire WBD.
After months of negotiations and a lawsuit from Paramount, Netflix withdrew its bid on February 26, 2026.
This decision came after Paramount raised its all-cash offer to $31 per share, valuing the deal at $111 billion.
You can read our full timeline of the WBD acquisition here.
