Warner Bros shareholders approve Paramount’s $111bn takeover

Warner Bros Discovery’s shareholders have given their backing to Paramount’s $111bn (£82bn) acquisition, a move that could reshape the media industry. The merger will grant Paramount control over Warner Bros’ vast library of content, encompassing franchises like Harry Potter and Game of Thrones, as well as the CNN news network.

“With Paramount, we look forward to creating an exceptional combined company that will expand consumer choice and benefit the global creative talent community,” said Warner Bros chair Samuel DiPiazza.

Regulatory approvals are still pending, with the U.S. Department of Justice and European competition authorities needing to review the transaction. The decision follows a protracted period of uncertainty, including a prior bid by Netflix that was withdrawn after Paramount unveiled a more substantial offer.

Paramount’s bid to solidify its position as a Hollywood powerhouse is underpinned by tech mogul Larry Ellison and his son, David, who serves as the company’s leader. Ellison, also Paramount’s CEO and a major Republican fundraiser, will host a gathering with Donald Trump at the U.S. Institute of Peace in Washington, D.C., on Thursday.

Mark Ruffalo, the actor famous for his role in the Marvel universe, is expected to participate in protests outside the event venue. Demonstrators have criticized the gathering as a “corruption gala,” citing the ongoing regulatory challenges the merger faces.

Concerns about the Ellisons’ control of CNN have also emerged. Protesters argue that the network’s editorial direction may shift under new ownership, a potential issue given Trump’s historical criticism of CNN. The former president has previously suggested selling CNN as part of any Warner Bros takeover, calling its executives “corrupt or incompetent” and questioning their ability to manage the network effectively.

Beyond CNN’s ownership, the merger has drawn opposition from a range of creatives who fear it will exacerbate struggles within the entertainment sector. In April, over 1,400 individuals, including Emma Thompson, Ben Stiller, and Javier Bardem, signed a letter warning of potential consequences.

“The result will be fewer opportunities for creators, fewer jobs across the production ecosystem, higher costs, and less choice for audiences in the United States and around the world,” the letter stated.

Paramount has defended its stance, highlighting its commitment to talent and promising to “provide creators with more platforms rather than fewer.” The Warner Bros shareholders approved the deal on Thursday, with DiPiazza asserting it would “unlock the full value of our world-class entertainment portfolio.”

If regulators approve the merger, Paramount plans to consolidate HBO Max subscribers into its existing portfolio. The company will also take over the Food Network, Discovery Channel, and a variety of sports assets. Paramount currently operates networks like Nickelodeon, CBS, and Comedy Central, and anticipates finalizing the takeover by September, assuming regulatory clearances are secured.