WBD shareholders approve Paramount’s $110bn deal

Warner Bros. Discovery (WBD) shareholders have given their approval to the company’s $110bn sale to Paramount Skydance.

Investors voted “overwhelmingly” to support the deal during a special meeting today, WBD said.

Final vote results will be filed with US regulators and the deal is expected to close in Q3 2026, subject to regulatory clearances.

More than 80% of shareholders also registered their disapproval of the giant pay packages lined up for chief exec David Zaslav and other senior execs if the deal closes, with the former Discovery boss alone set to take home $550m plus $300m in tax reimbursements.

The vote was, however, non-binding, meaning the nine-figure payouts to Zaslav and other executives - including president of global streaming and games JB Perrette, chief revenue and strategy officer Bruce Campbell, CFO Gunnar Wiedenfels, and president of international Gerhard Zeiler - will still be made if the deal completes.

Paramount landed its deal for WBD in February after Netflix pulled out of the running, having initially struck an agreement to buy the US studio’s streaming and production assets earlier in the year.

Widespread US opposition is building against the Paramount takeover, which will further consolidate the industry, while the acquisition is also being investigated by regulators around the world, including in the UK, over competition concerns.

European Union (EU) officials have also indicated they are looking at the impact of the deal on creatives.

Samuel A. Di Piazza, Jr., chair of the Warner Bros. Discovery board, welcomed shareholder approval of the Paramount deal and said: “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.”

Zaslav added: “Over the past four years, our teams have transformed Warner Bros. Discovery 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.”