An $81 billion Warner Bros-Paramount merger moved closer to closing after Warner Bros. Discovery said shareholders backed the sale, setting up a deal that would reshape Hollywood studios, streaming platforms and major television brands if regulators ultimately approve it.
Warner Bros. Discovery said on Thursday that the “overwhelming majority” of its stakeholders voted in support of selling Paramount for $31 a share. Including debt, the companies put the total value of the transaction at nearly $111 billion, according to the report.
Paramount is already under Skydance ownership after Skydance bought the company last year, and Paramount’s bid is designed to bring Warner fully under its control. Under the structure described by the companies, the combination would place brands such as HBO Max, “Harry Potter,” and CNN under the same corporate umbrella as CBS, “Top Gun,” and Paramount+.
In a statement, David Zaslav, chief executive of Warner Bros. Discovery, said the stockholder approval marked “another key milestone toward completing this historic transaction.” Paramount said it expects to close in the coming months and described the merger as a step toward creating “a next-generation media and entertainment company.”
But the shareholder vote did not end the fight over the takeover. The acquisition still faces ongoing regulatory reviews, and critics have argued that further consolidation could worsen competition in an industry already dominated by a handful of large companies. The report also noted that Warner shareholders rejected a separate measure on post-merger payments for executives.
The merger’s path to the Thursday vote has included public corporate battles over competing bids. Late last year, Warner rejected Paramount’s overtures and instead backed a $72 billion studio-and-streaming deal with Netflix; Paramount then went directly to shareholders with a hostile offer for the entire company. After months of contested bids, Paramount’s higher offer led Netflix to bow out of the race.
Outside the boardroom, opposition has come from industry figures and political leaders, with many focusing on potential job losses and fewer choices for filmmakers and audiences. The report said thousands of actors, directors and writers voiced “unequivocal opposition” in a letter arguing that consolidation would reduce options in Hollywood. Jane Fonda’s Committee for the First Amendment said the vote was a “serious setback,” and said its campaign would continue.
The report also highlighted state and federal antitrust pressure. California Attorney General Rob Bonta said California is investigating the transaction, and Democratic Sen. Elizabeth Warren urged support from state attorneys general, writing on social media that “State attorneys general across the country are stepping up to stop this antitrust disaster.” It added that some critics have called for legal challenges at the state level and through other court fights in the United States and abroad.
Supporters of the deal have argued it would benefit consumers by expanding libraries—particularly if HBO Max and Paramount+ are combined into a single streaming service. Paramount CEO David Ellison has also tried to reassure filmmakers with a 45-day theatrical window guarantee, along with a goal of releasing 30 movies a year between Paramount and Warner, while maintaining that the companies would remain stand-alone operations within the combined business.
Even so, the report said executives anticipate cost cuts, with regulatory filings indicating layoffs and reductions in overlapping operations. Critics are skeptical, warning that any consumer benefits could be outweighed by higher streaming prices and less content diversity, especially as the combined company decides how to align editorial and production strategies across outlets.
The deal also has political overtones, the report said, as questions continue about whether regulators will treat the merger as purely an economic matter. The Justice Department and company leadership have said politics will not play a role in regulatory reviews, but it noted that President Donald Trump has publicly commented at times about the outcome and has relationships with members of the Ellison family. It also cited reporting that Paramount’s chief was hosting a dinner connected to Trump.
Shares of Paramount Skydance fell about 4.5% by Thursday’s close, the report said, and Warner Bros. Discovery’s stock slipped as well—an indication that investors are still pricing in the regulatory uncertainty that comes after shareholder approval.
Finally, the report said the acquisition is drawing attention from regulators beyond the U.S. and could face challenges from labor unions and other entities as the review process continues.