Warner Bros. Discovery Shareholders Approve Merger With Paramount Skdyance

In the latest development of the Warner Bros. Discovery and Paramount Skydance saga, Warner Bros. Discovery, Inc. (WBD) announced today that its shareholders voted to approve the previously announced transaction with the Paramount Skydance Corporation (Paramount). The announcement was made at the Company’s Special Meeting of Stockholders earlier today (Apr. 23).

Speaking on the announcement, WBD Board of Directors Chair Samuel A. Di Piazza, Jr. stated via a press release, “We appreciate the support and confidence our stockholders have placed in us to unlock the full value of our world-class entertainment portfolio.” He continued, “With Paramount, we look forward to creating an exceptional combined company that will expand consumer choice and benefit the global creative talent community.”

WBD CEO David Zaslav also commented, “Over the past four years, our teams have transformed Warner Bros. Discovery and returned the company to industry leadership.” Zaslav added, “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.”

Based on the preliminary vote count, WBD stockholders voted overwhelmingly in favor of adopting the merger agreement with Paramount. Final voting results are subject to certification by the Company’s independent inspector of elections and will be filed with the U.S. Securities and Exchange Commission on a Form 8-K.

WBD notes that the merger is expected to close in Q3 2026, subject to customary closing conditions, including regulatory clearances. Allen & Company, J.P. Morgan, and Evercore are also serving as financial advisors to Warner Bros. Discovery, and Wachtell, with Lipton, Rosen & Katz and Debevoise & Plimpton LLP are serving as WBD’s legal counsel.

Interestingly, as reported by Deadline, while WBD shareholders voted to approve the merger, they voted down Zaslav’s prospective pay package, which repoortedly 886.8 million, with a minimum payout of $711.4 million.

Deadline notes that shareholder votes regarding Zaslav’s payout are non-binding, so they can’t be enforced. However, it appears the voting down of the pay package is more of symbolic rejection.

What Does the Warner Bros. Discover & Paramount Merger Mean for AEW?

As noted, Warner Bros Discovery is the major broadcast partner of All Elite Wrestling (AEW), with WBD owning a minority stake (less than 10%) in the wrestling promotion. Meanwhile, Paramount is a major streaming partner for UFC, which is also owned by WWE parent company TKO.

Netflix was previously the top suitor to buy Warner Bros. Discovery, but the deal was not going to include WBD’s linear TV networks, which Paramount intends to acquire as part of the merger.

AEW is currently in the midst of a multi-year broadcast agreement with WBD, which is believed to have a three-year length with an option for a fourth.