Warner Bros. Discovery shareholders approve merger with Paramount Skydance

(NBC, KYMA) - Warner Bros. Discovery (WBD) shareholders approved the company's proposed blockbuster merger with Paramount Skydance earlier this week.

The Boards of Directors of the two entertainment giants already approved the $110 billion deal.

"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."

"Over the past four years, our teams have transformed Warner Bros. Discovery and returned the company to industry leadership," said David Zaslav, President and Chief Executive Officer of Warner Bros. Discovery. "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."

The agreement will allow Paramount Skydance will acquire the Warner Bros. film studio, the HBO Max streaming service and several cable channels, including CNN.

Before the deal is finalized, the antitrust regulators at the Justice Department still need to give their approval.

Some Democratic lawmakers and members of the entertainment community have raised concerns saying it would further reduce competition among media companies.

Back in February, after the WBD-Paramount deal was announced, California Attorney General Rob Bonta posted to X saying in part, "These two Hollywood titans have not cleared regulatory scrutiny — the California Department of Justice has an open investigation, and we intend to be vigorous in our review."

Last month, Sen. Adam Schiff (D-Calif.) hosted a hearing to highlight the potential impact on the Paramount-WBD merger.

"Two of Hollywood's biggest studios are now seeking to merge, and the decisions made in that boardroom will land squarely on industry workers…It would be an unprecedented consolidation of media and programming," Sen. Schiff expressed.

Earlier this month, nearly 4,370 movie and television industry professionals signed an open letter expressing their opposition to the merger.

The signers include actors, writers, filmmakers, and other professionals, like Bryan Cranston, Ben Stiller, Kristen Stewart, David Fincher, Denis Villeneuve, Yorgos Lanthimos, and more.

Following this, Paramount responded to the letter, saying in part, "As creators we know firsthand that this is also a moment when the industry has been facing significant disruption—and the need for strong, creative-first and well-capitalized companies that can continue to invest in storytelling has never been greater."

In addition, New York Mayor Zohran Mamdani posted to X, following the shareholders vote, saying in part, "This merger is bad for New Yorkers three times over. Thousands of jobs at risk here in the city. Streaming bills going up as competition disappears."