Investors reject chief exec David Zaslav’s reported $500m bonus if deal completes but vote is non-binding
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.
Shareholders also voted against David Zaslav’s monster pay package due to him if the deal closes, which ranges from $500m to north of $800m. However, the vote on exec pay is non-binding.
“We appreciate the support and confidence our stockholders have placed in us to unlock the full value of our world-class entertainment portfolio,” said Samuel A. Di Piazza, Jr., chair of the Warner Bros. Discovery board.
“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.”
Paramount landed its deal for WBD in February after Netflix pulled out of the running, having initially struck a deal to buy the US studio’s streaming and production assets.
Widespread US opposition is building against the deal, which will further consolidate the industry, while the takeover 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.
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