Paramount‘s $110 billion megadeal for Warner Bros. Discovery got the green light from WBD shareholders Tuesday morning, as they voted to approve the merger that would combine two of Hollywood’s legacy studios.
The shareholders, however, rejected WBD CEO David Zaslav‘s lucrative compensation package, sending a message to its board in the process.
The votes are preliminary, with WBD expected to release more complete results later on. The company’s secretary said when announcing the preliminary results that shareholders “overwhelmingly” voted to approve merger.
With shareholder approval secured, Paramount, led by CEO David Ellison, just needs to clear the remaining regulatory hurdles (particularly in Europe) to close the deal.
The merger would reshape Hollywood, bringing the vaunted Warner Bros. and Paramount film studios under one roof, combining the HBO Max and Paramount+ streaming services, and creating what will be the largest purveyor of linear TV channels in the
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