Warner Bros. Discovery, Inc. (NASDAQ: WBD) has announced that its stockholders voted to approve a transaction with Paramount Skydance Corporation (NASDAQ: PSKY) at a Special Meeting of Stockholders held earlier today.
The vote, described by the company as a result that saw stockholders approve the adoption of the merger agreement “overwhelmingly”, clears a significant procedural hurdle in a process that has been under way for some time.
Final vote results remain subject to certification by the company’s independent inspector of election and will be filed with the US Securities and Exchange Commission on a Form 8-K.
WBD and Paramount merger gets green light from stockholders
“We appreciate the support and confidence our stockholders have placed in us to unlock the full value of our world-class entertainment portfolio. With Paramount, we look forward to creating an exceptional combined company that will expand consumer choice and benefit the global creative talent community,” Samuel A. Di Piazza, Jr., Chair of the Warner Bros. Discovery Board of Directors said in a statement.
“Over the past four years, our teams have transformed Warner Bros. Discovery and returned the company to industry leadership. 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,” David Zaslav, President and Chief Executive Officer of Warner Bros. Discovery added.
The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions, including regulatory clearances. No further detail has been provided by the company on the nature or status of those regulatory processes.
Allen & Company, J.P. Morgan and Evercore are serving as financial advisers to Warner Bros. Discovery. Wachtell, Lipton, Rosen & Katz and Debevoise & Plimpton LLP are serving as legal counsel.
