Shareholders of Warner Bros. Discovery have voted overwhelmingly to approve a merger with Paramount Skydance, the parent company of CBS News. The deal, valued between $81 billion and $110 billion, is expected to vastly reshape Hollywood and the wider media landscape.
As part of the proposed acquisition, Paramount has promised to produce 30 films a year. However, the merger has faced widespread opposition within Hollywood, with critics warning that the consolidation could shrink competition and reduce the number of jobs and voices in the industry. Paramount CEO David Ellison must now make his case to regulators and a wary industry that the merger is beneficial.
While the merger received a preliminary blessing, shareholders voted against generous proposed compensation packages for Warner Bros. Discovery executives. This includes the rejection of a $550 million payout to outgoing chief executive David Zaslav.
The merger still requires governmental approval to proceed and could be delayed by a lawsuit seeking to block the agreement.