Warner Bros Discovery (WBD) Stock: Paramount’s $81B Acquisition Gets Shareholder Approval

Key Takeaways

• Investors in Warner Bros. Discovery backed Paramount Skydance’s proposed $81 billion acquisition during Thursday’s shareholder meeting.
• The transaction values WBD shares at $31 each — representing a 147% markup from the stock’s trading price when initial reports surfaced.
• Completion is scheduled for the third quarter of 2026, contingent on clearance from the Department of Justice and European competition authorities.
• More than 1,400 entertainment industry workers, including notable figures like Emma Thompson and Ben Stiller, have publicly opposed the consolidation.
• Following the vote announcement, Paramount shares (PSKY) declined approximately 4.8%.

Investors in Warner Bros. Discovery voted affirmatively on Thursday to advance Paramount Skydance’s proposed $81 billion acquisition — a transaction poised to fundamentally alter Hollywood’s media ecosystem.

Warner Bros. Discovery, Inc., WBD

The agreement stipulates that WBD shareholders will collect $31 for each share they hold. This represents a 147% increase compared to the September 10 trading price, when The Wall Street Journal initially broke news of Paramount’s acquisition interest.

Samuel DiPiazza, who chairs WBD’s board, characterized the transaction as one that will “unlock the full value of our world-class entertainment portfolio.” A representative from Paramount expressed enthusiasm about “realizing the creation of a next-generation media and entertainment company.”

Paramount stock declined roughly 4.8% in the immediate aftermath of the voting results. Warner Bros. Discovery shares remained relatively unchanged.

The path to Thursday’s approval involved some competitive drama. Netflix had submitted a competing proposal for Paramount, though the streaming service eventually retracted its offer after Paramount presented superior terms.

Tech magnate Larry Ellison provides financial backing for Paramount, while his son David serves in a leadership capacity. Larry Ellison was spotted at a Washington D.C. dinner with President Trump at the U.S. Institute of Peace on the same day shareholders cast their votes.

Regulatory Approval Still Pending

The transaction awaits authorization from both the U.S. Department of Justice and regulatory bodies in Europe. While the companies target a September 2026 completion date, regulatory approval remains uncertain.

Multiple elected officials have voiced antitrust-related objections. Actor Mark Ruffalo, known for portraying the Hulk, was anticipated to participate in demonstrations outside the Washington D.C. dinner location, with organizers describing the event as a “corruption gala.”

Should regulators approve the deal, Paramount would absorb Warner Bros. Discovery’s HBO Max subscriber base into its existing streaming infrastructure. The acquisition would also transfer control of CNN, Food Network, Discovery Channel, and multiple sports properties.

Creative Community Pushback

In April, over 1,400 professionals working in film and television — including Emma Thompson, Ben Stiller, and Javier Bardem — co-signed correspondence cautioning that the merger would damage an already-challenged industry.

Paramount responded by reaffirming its dedication to creative talent and stating its intention to guarantee “creators have more avenues for their work, not fewer.”

CNN’s trajectory under Ellison family ownership has attracted considerable attention. President Trump has repeatedly criticized the cable news outlet and stated in December that he believed it should be divested as a condition of any Warner Bros. transaction.

Paramount’s current conventional television portfolio encompasses Nickelodeon, CBS, and Comedy Central. The merged company would also control WBD’s intellectual property library, featuring franchises such as Harry Potter and Game of Thrones.

Thursday’s shareholder approval represents the most recent checkpoint in a transaction first discussed several months ago. Regulatory examination now stands as the final — and most unpredictable — obstacle before the deal can finalize.

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