Shareholders in Warner Bros Discovery have approved the company’s $110 billion (€103 billion) merger with Paramount Skydance, marking a major step towards the creation of a new global media heavyweight.
However, investors separately voted against the executive compensation packages tied to the deal, in a symbolic rebuke to chief executive David Zaslav and the company’s senior leadership including international president Gerhard Zeiler.
The merger vote clears a key hurdle for the transaction, which would see Paramount take control of Warner Bros Discovery’s portfolio, including HBO, CNN and Warner Bros’ film and television studios. Warner Bros Discovery said shareholders had voted overwhelmingly in favour of the deal, which offers $31 per share in cash.
At the same time, shareholders rejected the proposed “golden parachute” packages for Zaslav and other top executives. The vote is non-binding, but it highlights continued investor frustration over executive pay. Reuters reported that under the current structure Zaslav could receive up to $887 million if the merger completes, while other senior executives are also in line for substantial payouts.
The merger remains subject to regulatory approval in the United States and Europe, with scrutiny expected around competition, content rights and broader market concentration. Critics including US Senator Elizabeth Warren and a wide group of Hollywood figures have argued the tie-up could reduce competition and lead to significant job losses.
If cleared, the transaction would bring together Paramount’s broadcast and cable brands, including CBS, Nickelodeon and Comedy Central, with Warner Bros Discovery’s premium content, streaming services and international channels. It would also materially reshape the streaming landscape, with HBO Max expected to sit within Paramount’s broader direct-to-consumer portfolio.
The deal is currently expected to close in the third quarter of 2026, pending regulatory sign-off
