Warner Bros Discovery shareholders have approved a $111 billion takeover by Paramount, moving one of the biggest media deals closer to completion and potentially reshaping the global entertainment industry.
The deal, which includes debt, values Warner Bros at nearly $111 billion, with Paramount offering $31 per share to acquire the company. The approval marks a major step forward after months of bidding drama involving multiple players.
If completed, the merger will bring together some of the biggest names in entertainment under one roof. Paramount is set to gain control of Warner Bros’ vast portfolio, including HBO Max, CNN, and major franchises such as Harry Potter and Game of Thrones. These will sit alongside Paramount’s own assets like CBS, Top Gun, and its streaming platform Paramount+.
Warner Bros chair Samuel DiPiazza said the combined company is expected to expand consumer choice and benefit the global creative community.
Despite shareholder approval, the deal is not yet final. It still requires clearance from the US Department of Justice and European competition regulators.
These reviews will determine whether the merger raises concerns around market competition, especially in streaming and news media.
The takeover follows a months-long corporate battle. Netflix had earlier emerged as a strong contender and even had the backing of Warner’s board for a $72 billion deal focused on studio and streaming assets.
However, Paramount entered with a higher offer and directly approached shareholders. Netflix eventually withdrew from the race, clearing the path for Paramount’s bid.
Paramount, backed by tech billionaire Larry Ellison and led by his son David Ellison, is aiming to transform itself into a Hollywood heavyweight. The acquisition of Warner Bros would significantly expand its content library and strengthen its position in the global streaming war.
The move also signals a push towards consolidation in the media industry, where scale and content depth are becoming critical to compete with giants like Netflix and Disney.
The deal has not been without controversy. Thousands of actors, directors, writers and industry professionals have voiced opposition, warning that further consolidation could lead to job losses and fewer opportunities in Hollywood.
There are also concerns around the future of CNN under new ownership. The issue has drawn political attention in the US, with former President Donald Trump previously criticising the network and suggesting it should be sold as part of any takeover.
Actor Mark Ruffalo is expected to join protests against the deal, which organisers have described as a “corruption gala”.
Warner Bros expects the deal to close in the third fiscal quarter, subject to regulatory approvals. If cleared, the merger could create one of the most powerful media companies globally, combining film, television, streaming and news under a single entity.