Story perspectives

Warner Bros. Discovery Approves $111B Deal, Faces Industry Opposition

4/23/2026

Summary

Shareholders Approve

Warner Bros. Discovery shareholders approved Paramount Skydance’s $111 billion takeover on April 23, 2026.
The $111 billion deal pays $31 per share—a 147% premium—while Larry Ellison guarantees $45.7 billion in equity and banks lend over $54 billion.
Over 4,000 industry figures such as Ben Stiller and J.J. Abrams have asked California Attorney General Rob Bonta to block the merger.
Shareholders rejected CEO David Zaslav’s $887 million golden parachute, leaving U.S. and EU antitrust clearance pending.

Summary

Paramount Merger

The merger is financed with $47 billion equity from wealth funds, the Ellison family and RedBird and $54 billion debt from Bank of America, Citigroup and Apollo.
Paramount must pay a $7 billion termination fee if the merger fails and $2.8 billion to Warner Bros. Discovery for ending its Netflix pact.
A $0.25-per-share quarterly ticking fee applies if closing is delayed beyond Sept. 30.
CEO David Zaslav faces a two-year non-competition and non-solicitation covenant after closing.

History

Historical Context

The Telecommunications Act of 1996 reshaped media ownership, paving the way for significant mergers like the proposed $111 billion acquisition of Warner Bros. Discovery (WBD) by Paramount Skydance in 2026. This merger, which could generate $70 billion in annual revenue, has raised antitrust concerns, prompting over 4,000 industry figures to urge regulatory scrutiny, reflecting ongoing debates about corporate consolidation and its impact on consumer choice.

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Shareholders Approve

Warner Bros. Discovery shareholders approved Paramount Skydance’s $111 billion takeover on April 23, 2026.
The $111 billion deal pays $31 per share—a 147% premium—while Larry Ellison guarantees $45.7 billion in equity and banks lend over $54 billion.
Over 4,000 industry figures such as Ben Stiller and J.J. Abrams have asked California Attorney General Rob Bonta to block the merger.
Shareholders rejected CEO David Zaslav’s $887 million golden parachute, leaving U.S. and EU antitrust clearance pending.

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