Warner Bros shareholders approve paramount’s $81 billion takeover

New York: Warner Bros. Discovery shareholders have approved an $81 billion takeover by Paramount, moving a mega-merger that could reshape Hollywood closer to completion.

On Thursday, Warner Bros. Discovery said an overwhelming majority of its stakeholders voted in support of selling to Paramount for $31 a share. Including debt, the deal is valued at nearly $111 billion based on Warner’s current outstanding shares.

Paramount, which was bought by Skydance last year, is seeking to acquire all of Warner. The combined company would bring HBO Max, “Harry Potter,” and CNN under the same roof as CBS, “Top Gun,” and the Paramount+ streaming service.

Warner Bros. Discovery CEO David Zaslav called the stockholder approval “another key milestone toward completing this historic transaction.” Paramount said it looks forward to closing in the coming months and “realizing the creation of a next-generation media and entertainment company.”

The deal is not final. It still faces regulatory reviews in the U.S. and abroad. Critics of further consolidation in the media industry are calling for the merger to be blocked, citing concerns over an already concentrated market.