Shareholders approved the sale of Warner Bros. Discovery to Paramount
Warner Bros. Discovery shareholders have approved the deal for Paramount Skydance to acquire the media holding company by an overwhelming majority.
This was reported by Bloomberg.
Under the terms of the deal, valued at $110 billion, Paramount will acquire Warner Bros. Discovery’s assets. Upon completion of the deal, Warner Bros. shareholders will receive $31 per share.
The potential merger is currently under review by antitrust regulators in the U.S. and the European Union.
If the deal is not finalized by September 30, shareholders will receive compensation of 25 cents per share quarterly—as a so-called waiting fee.
If the deal is approved, it will create one of the largest players in the media market, combining Hollywood studios, content libraries, and the streaming services Paramount+ and HBO Max.
More than a thousand directors, actors, producers, and film and television industry professionals have signed an open letter calling for a halt to the planned merger of Warner Bros. Discovery and Paramount Skydance.
Paramount recently announced a $110 billion deal to acquire Warner Bros. The transaction now requires regulatory approval, which is the next step in the process of integrating the two media giants.
Additionally, Paramount Skydance has filed a lawsuit against Warner Bros. Discovery, demanding additional information regarding the massive $82.7 billion deal with Netflix. Paramount states its intention to block the agreement, which involves the streaming service acquiring Warner Bros. Discovery.
