Warner Bros investors greenlight Paramount’s acquisition in the United States.
On Thursday, Warner Bros. Discovery shareholders voted to approve the sale of the company to Paramount Enterprises at $31 per share, valuing the transaction at nearly $111 billion including debt. The vote is a key milestone for the $81 billion merger that would combine major studios, streaming services and news assets under a single corporate structure.
The deal would merge Warner’s assets—HBO Max, CNN, “Harry Potter,” and others—with Paramount’s holdings, including Paramount+ and CBS. Paramount’s board announced plans to close the transaction in the third quarter of the fiscal year, pending regulatory review.
Shareholders also rejected a proposal that would have established post‑merger payment terms for executives. The merger remains subject to antitrust scrutiny from U.S. and international regulators, and California’s Attorney General has opened an investigation. Shares of both parent companies fell after the vote.
Industry groups and lawmakers have expressed concern that the consolidation could reduce competition, limit content diversity, and lead to job losses. The final outcome will depend on the approval of regulatory bodies and the completion of all required reviews.