Warner Bros. Discovery shareholders have approved the company’s proposed merger with Paramount Skydance in a preliminary vote held on Thursday, April 23, 2026, according to verified reports from multiple news outlets. The vote marks a significant step forward in the $110 billion acquisition process, which has drawn intense scrutiny from industry stakeholders, regulatory bodies, and Hollywood labor unions.
The proposed deal values Warner Bros. Discovery at $31 per share in cash, totaling approximately $110.9 billion, as detailed in the definitive agreement initiated by Paramount Skydance on February 27, 2026. Shareholders not only voted in favor of the acquisition but as well rejected a proposed golden parachute package for CEO David Zaslav, following guidance from proxy advisory firm Institutional Shareholder Services (ISS), which supported the merger but advised against the executive payout.
Paramount Skydance’s offer includes a $7 billion breakup fee payable by Warner Bros. Discovery if the merger fails to secure regulatory approval, along with an agreement to assume the $2.8 billion breakup fee that Warner Bros. Discovery owed Netflix after terminating its prior deal with the streaming giant. The transaction would combine Warner Bros.’ film studio, HBO Max streaming service, and cable networks including CNN, TNT, and Discovery Channel under the ownership of Paramount Skydance, led by David Ellison, son of Oracle co-founder Larry Ellison.
The approval comes amid widespread concern from Hollywood workers, who have expressed fears about job losses, reduced creative diversity, and increased consolidation in an already concentrated media landscape. Unions representing writers, actors, and crew members have warned that the merger could lead to fewer greenlit projects and diminished bargaining power for labor, particularly as the combined entity would control a substantial share of theatrical and streaming content output.
Despite these concerns, Paramount Skydance has sought to reassure stakeholders, with David Ellison emphasizing the company’s commitment to maintaining robust content production. At CinemaCon in early April 2026, Ellison pledged that the merged studios would release approximately 30 films annually, a promise endorsed by Adam Aron, CEO of AMC Theatres, who praised Ellison’s track record and passion for theatrical cinema.
The merger now proceeds to regulatory review in both the United States and Europe, where antitrust authorities will assess whether the consolidation violates competition laws by reducing market competition in film distribution, streaming services, and cable television. No timeline has been confirmed for the completion of these reviews, but the deal remains subject to customary closing conditions, including receipt of necessary governmental clearances.
As of the date of the shareholder vote, Warner Bros. Discovery’s stock had traded below the $31 offer price for much of the preceding months, reflecting investor skepticism about the company’s standalone prospects amid declining linear TV viewership and intense streaming competition. The approval by shareholders suggests confidence in the premium offered by Paramount Skydance, despite ongoing debates about the long-term implications of further media consolidation.
For ongoing updates on the regulatory status of the Paramount Skydance acquisition of Warner Bros. Discovery, readers are encouraged to monitor official filings with the U.S. Securities and Exchange Commission and announcements from the European Commission’s Directorate-General for Competition, which are expected to provide the next formal checkpoints in the process.
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