Warner Bros. Discovery says its stockholders have officially approved the company’s proposed transaction with Paramount Skydance, marking another major step toward what would be one of the biggest media mergers in recent years.
The vote took place at a special meeting held Thursday, where shareholders backed the previously announced deal.
Warner Bros. Discovery said the transaction is still expected to close in the third quarter of 2026, pending the usual closing conditions and regulatory approvals.
WBD shareholders back the deal
According to the company, Warner Bros. Discovery stockholders voted overwhelmingly in favor of adopting the merger agreement with Paramount. Nearly 99% of the votes were in favor.
WBD board chair Samuel A. Di Piazza, Jr. said the company appreciates the support from shareholders and framed the vote as a move toward unlocking more value from Warner Bros. Discovery’s entertainment assets.
He also said the combined company would aim to expand consumer choice and support the global creative community.
“We appreciate the support and confidence our stockholders have placed in us to unlock the full value of our world-class entertainment portfolio,” said Samuel A. Di Piazza, Jr., Chair of the Warner Bros. Discovery Board of Directors. “With Paramount, we look forward to creating an exceptional combined company that will expand consumer choice and benefit the global creative talent community.”
David Zaslav calls it a key milestone
Warner Bros. Discovery CEO David Zaslav also commented on the vote, calling it another key milestone in completing the deal.
Zaslav said Warner Bros. Discovery has spent the last four years transforming the company and returning it to industry leadership. He added that the merger with Paramount is expected to create what he described as a leading next-generation media and entertainment company.
“Over the past four years, our teams have transformed Warner Bros. Discovery and returned the company to industry leadership,” said David Zaslav, President and Chief Executive Officer of Warner Bros. Discovery. “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.”
What happens next
While shareholders have approved the transaction, the merger is not done yet.
Warner Bros. Discovery said the final vote results still need to be certified by its independent inspector of election. Those results will then be filed with the U.S. Securities and Exchange Commission in a Form 8-K.
The deal also remains subject to customary closing conditions, including regulatory clearances.
If everything moves forward as planned, the transaction is expected to close in Q3 2026.
Advisors on the deal
Warner Bros. Discovery also listed the firms advising on the transaction.
Allen & Company, J.P. Morgan, and Evercore are serving as financial advisors. Wachtell, Lipton, Rosen & Katz and Debevoise & Plimpton LLP are acting as legal counsel.
Big step in the Paramount Skydance merger
This shareholder approval is a big piece of the process and keeps the Warner Bros. Discovery and Paramount Skydance merger on track.
The bigger question now is whether regulators sign off and whether the companies hit their Q3 2026 target. For now, Warner Bros. Discovery is presenting the vote as a major win and a clear sign that shareholders are on board with the merger.
