"Preliminary voting results indicate that WBD shareholders approved the merger agreement with Paramount by a substantial majority", Warner Bros. Discovery said.
CEO David Zaslav called the shareholder vote "another key step toward finalizing this historic transaction", pledging to create "a leading next-generation media and entertainment company".
Paramount Skydance, which beat out Netflix for the deal — receiving USD 2.8 billion in breakup fees after Netflix withdrew — is led by David Ellison, son of Oracle founder Larry Ellison, a prominent supporter of U.S. President Donald Trump.
Since Trump took office in January 2025, the Ellisons have also taken control of TikTok's U.S. operations. In both cases, the new owners have faced accusations of shaping content to favor the administration.
Pentagon chief Pete Hegseth, openly frustrated with CNN's coverage of the U.S.-Iran war, said "the sooner David Ellison takes over that network, the better". Ellison has also signaled plans to consolidate some news operations, a move expected to result in layoffs.
The deal faces significant regulatory hurdles. California Attorney General Rob Bonta has launched an investigation, while the U.S. Justice Department's antitrust division is also reviewing the transaction.
A senior DOJ official said Paramount Skydance could "absolutely" not count on expedited regulatory approval for political reasons. Britain's Competition and Markets Authority has announced its own probe given both companies' presence in the U.K. market.
Hundreds of Hollywood directors, producers and actors have also signed an open letter arguing the deal would harm the creative industry.
The transaction is targeted for completion by end of the third quarter of 2026.
(jh)
Source: Polish Radio