Warner Bros. Discovery (WBD) shareholders voted overwhelmingly on Thursday, 23 April 2026, to approve an $111 billion acquisition by Paramount Skydance.
This historic deal, led by David Ellison, aims to unite two of Hollywood’s “Big Five” studios to better compete with tech giants like Netflix and Amazon.
The merger marks a dramatic end to a months-long bidding war that saw Paramount outmaneuver a rival offer from Netflix. Paramount is acquiring WBD for $31 per share in cash, valuing the company at $111 billion including debt.
The Rejection: While the deal passed with nearly 99% support, shareholders rejected proposed “golden parachute” exit packages for CEO David Zaslav and other top executives.
The New Portfolio: The combined entity will house legendary brands including HBO, CNN, Warner Bros. Pictures, DC Studios, CBS, and Paramount Pictures. Industry experts suggest this consolidation will fundamentally change how movies are made and released:
Analysts expect a shift toward massive franchises like Harry Potter, DC, and Mission: Impossible, potentially leaving less room for risky, mid-budget independent projects.
David Ellison has pledged a 45-day exclusive theatrical window for films, signaling a renewed commitment to cinemas over direct-to-streaming releases, and also aims to grow to over 30 movies a year, with critics warning that massive debt may eventually force cost-cutting and fewer actual projects.
Over 1,000 Hollywood figures, including Joaquin Phoenix and Mark Ruffalo, have opposed the merger, citing concerns over job losses and reduced creative diversity. Despite shareholder approval, the deal is not yet final and faces intense scrutiny with Democratic senators concerned about market power and the unprecedented combination of two major news organizations, CNN and CBS News.
Several state attorneys general, including California’s, are reviewing the deal for potential legal challenges.
Paramount expects the transaction to close in the third quarter of 2026, pending these final clearances.
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