NEW YORK—Warner Bros. Discovery has announced that its stockholders voted to approve a $81 billion takeover by Paramount Skydance Corporation at the Company’s Special Meeting of Stockholders held earlier today on April 23.
Published reports indicate, however, that a majority of shareholders voted against a controversial pay package for president and CEO David Zaslav, who would have been paid more than $550 million, and other executives.
“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 of Directors. “With Paramount, we look forward to creating an exceptional combined company that will expand consumer choice and benefit the global creative talent community.”
The company said that the transaction is expected to close in Q3 2026, subject to customary closing conditions, including regulatory clearances.
The Trump administration has vocally supported the deal, but even if it is approved by the Department of Justice and other regulators, it could face litigation from opponents.
On April 22, Free Press and the American Economic Liberties Project hosted a press call with former FTC Commissioner Alvaro Bedoya and other opponents to detail the many reasons this deal should not go through and to call on state attorneys general to investigate and oppose the merger.
During the call, Bedoya warned that the company could face “billions” in legal fees and other costs if shareholders approved the transaction and stressed that “this is not a done deal” because it would be undone by legislation or lawsuits.
Free Press and allied organizations also delivered 171,000 signed petitions to Rob Bonta’s office, urging the California attorney general to investigate.
The California attorney general recently joined with seven other states to file an anti-trust lawsuit against the Nextstar/Tegna deal that has temporarily stopped the deal from going forward.
