An $81 billion merger between Warner Bros. Discovery and Paramount has received approval from Warner shareholders, marking a major step toward uniting two Hollywood giants. Shareholders voted overwhelmingly in favor of selling Warner Bros. for $31 a share, valuing the deal at nearly $111 billion including debt. The merger would combine HBO Max, Warner’s extensive film catalog, and CNN with Paramount’s CBS, Paramount+ streaming service, and other assets, under the ownership of Skydance-backed Paramount. While regulatory approvals are still pending and the deal is expected to close in the third quarter, the merger signals significant shifts in American media, consolidating major studios, streaming platforms, and news outlets. Critics fear this could reduce industry jobs, shrink creative diversity, and lead to higher streaming prices, while supporters see benefits in broader content libraries and a stronger theatrical slate. The transaction has attracted scrutiny from lawmakers and advocacy groups concerned about media consolidation’s impact on culture and news control, with investigations ongoing in multiple jurisdictions.
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