Warner Bros. Discovery, Inc. (WBD) recently announced that its shareholders have voted to approve the previously agreed-upon merger with Paramount Skydance Corporation (Paramount). This announcement was made during the company’s special meeting of stockholders on April 23rd.
Preliminary vote counts indicate that WBD stockholders overwhelmingly supported the merger agreement with Paramount. The final voting results will be certified by the company’s independent inspector of elections and filed with the U.S. Securities and Exchange Commission on a Form 8-K.
WBD expects the merger to close in Q3 2026, pending customary closing conditions, including regulatory clearances. Allen & Company, J.P. Morgan, and Evercore are serving as financial advisors to Warner Bros. Discovery, while Wachtell, Lipton, Rosen & Katz, and Debevoise & Plimpton LLP are providing legal counsel.
Interestingly, Deadline.com reports that while WBD shareholders voted in favor of the merger, they rejected CEO David Zaslav’s proposed pay package, which reportedly totals $886.8 million, with a minimum payout of $711.4 million. It is important to note that shareholder votes regarding Zaslav’s compensation are non-binding and cannot be enforced. However, the rejection of the pay package appears to be a symbolic statement by the shareholders.
As previously noted, Warner Bros. Discovery is the primary broadcast partner of All Elite Wrestling (AEW), holding a minority stake of less than 10% in the wrestling promotion. Meanwhile, Paramount is a major streaming partner for UFC, which is owned by TKO, the parent company of WWE. Netflix was previously the leading candidate to acquire Warner Bros. Discovery, but that deal would not have included WBD’s linear TV networks, which Paramount intends to acquire as part of this merger. AEW is currently under a multi-year broadcast agreement with WBD, believed to last three years with an option for a fourth year.
