Paramount and Warner Bros. Discovery merger wins shareholder approval
Updated
Updated · TheWrap · May 6
Paramount and Warner Bros. Discovery merger wins shareholder approval
12 articles · Updated · TheWrap · May 6
The $110 billion deal is still targeting a third-quarter close as Warner Bros. Discovery posted $8.89 billion in revenue, a $1.17-per-share loss and more than 140 million streaming subscribers.
Executives said combining HBO Max with Paramount+ would create a stronger streaming offering, with the merged group topping 200 million subscribers, while WBD's streaming revenue rose 9% and profit 29%.
The transaction still needs regulatory clearance in the UK, at the FCC and from US state attorneys general; if delayed past 30 September, WBD shareholders get a 25-cent quarterly ticking fee.
Will merging two streaming giants lead to fewer creative choices and higher prices for viewers?
With $80 billion in debt, is the WBD-Paramount merger a survival plan or a catastrophic financial gamble?
Can a media titan half-owned by foreign funds ensure the independence of its American newsrooms?
Warner Bros. Discovery Shareholders Approve $111B Merger with Paramount Skydance Despite Executive Pay Controversy
Overview
On April 23, 2026, Warner Bros. Discovery shareholders approved the $111 billion merger with Paramount Skydance, following a competitive bidding war with Netflix. Paramount paid Netflix a $2.8 billion termination fee, contributing to WBD's first-quarter loss. Despite shareholder approval, executive compensation tied to the deal faced strong disapproval. The merger now faces intense regulatory scrutiny from the DOJ, state authorities, and international bodies, amid political opposition and concerns over foreign investment. Industry groups warn of job losses and threats to theaters, prompting Paramount Skydance's CEO to pledge commitments to theatrical releases. The combined streaming service aims to reach 57% of US households, competing against giants like Netflix and YouTube, with a targeted closing in Q3 2026 but significant risks remain.