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Warner Bros. Discovery shareholders approve acquisition deal, Paramount accelerates the creation of a new media giant

Warner Bros. Discovery shareholders approve acquisition deal, Paramount accelerates the creation of a new media giant

金融界金融界2026/04/23 23:50
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By:金融界

A major merger in the U.S. media industry has reached a key milestone. Warner Bros. Discovery (WBD) shareholders have recently approved the acquisition proposal initiated by Paramount's Skydance with an overwhelming majority, clearing an important hurdle for the deal involving core assets such as CNN and HBO.

Although the outcome of this shareholder meeting was almost certain, its symbolic significance is immense, marking that the months-long battle for control has entered a substantial advancement phase. According to the plan, Paramount still needs approval from U.S. and other international regulators. Company executives anticipate that the transaction could be completed in the third quarter of this year.

From a capital markets perspective, this deal is quite attractive to shareholders. One year ago, WBD's stock was about $8 per share, while the current offer price is $31, a significant premium that led most investors to support the deal. However, in Hollywood and the political arena, the merger has sparked widespread controversy. Some industry insiders are concerned that further media consolidation will undermine content diversity, while others criticize potential ties between Paramount and the Donald Trump administration.

On the day of the shareholder vote, opponents also held protests outside the company’s headquarters, calling on state attorneys general from California and New York among others to stop the deal on antitrust grounds. U.S. Senator Elizabeth Warren has also publicly stated that the merger is “far from a done deal,” and that state regulators could become a key variable.

Meanwhile, European regulators are also reviewing the transaction and may require Paramount to divest certain assets in exchange for approval. However, Paramount remains optimistic and has included an “escalation fee” clause in the agreement—if the deal is not completed by September 30, the acquisition price will be further increased.

In terms of integration planning, Paramount intends to merge HBO Max with Paramount+ into a unified streaming platform, while keeping Paramount Pictures and Warner Bros. Pictures operating independently. In addition, the company is internally considering the possibility of integrating CBS News with CNN, though this arrangement is expected to require more time to implement.

It is worth noting that while shareholders easily passed the acquisition plan, the proposal regarding executive compensation packages for WBD CEO David Zaslav and other top executives was not approved. The proposal could have resulted in up to $886 million in “golden parachutes,” considered one of the largest severance packages for executives in history. However, this vote is only advisory, and the company’s board may still proceed with the related payments.

Overall, this acquisition concerns not only the future of two major media groups but could also reshape the landscape of the global entertainment industry. With regulatory scrutiny and political maneuvering intertwined, the final outcome remains uncertain.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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