Shareholders of Warner Bros. Discovery voted to sell the company to David Ellison’s Paramount Skydance for $31 a share in cash at a special virtual meeting this morning. The approval was a key hurdle in advancing the deal.
Company officials at the meeting said the merger vote passed “overwhelmingly,” with exact vote totals to be confirmed. Compensation for CEO David Zaslav related to the deal, which will exceed $500 million and could soar to $800 million depending on several variables, was rejected by shareholders. The pay vote is non-binding, meaning Zaslav will still be able to collect.
The controversial mega-merger announced February 27 assigned WBD an equity value of $81 billion and an enterprise value of $110 billion.
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“We appreciate the support and confidence our stockholders have placed in us to unlock the full value of our world-class entertainment portfolio,” WBD board chairman
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