Story perspectives

Warner Bros. Discovery approves $111B Paramount Skydance takeover, faces antitrust

4/25/2026

Summary

Warner Bros. Discovery Approves

Warner Bros. Discovery shareholders approved Paramount Skydance’s $111 billion takeover at $31 per share.
The deal faces U.S./European antitrust reviews and a “ticking fee” raising the price after September 30.
Shareholders rejected an $886 million parachute for CEO David Zaslav while Sen. Elizabeth Warren, a Writers Guild petition with 4,000 signatures, urges regulators to block merger.
Financing includes a $45.7 billion guarantee from Larry Ellison and over $54 billion in debt.

Summary

Netflix Withdraws

Netflix withdrew its $82.7 billion offer for Warner Bros. Discovery on February 26 2026 after Paramount raised its cash bid to $31 per share.
Paramount lifted its bid from $108.4 billion to $111 billion, valuing the deal at $31 per share.
Shareholders voted down a $550 million compensation package for CEO David Zaslav tied to the merger.
Over 1,400 Hollywood talent, including Ben Stiller and Glenn Close, warned the takeover could further damage the industry.

Summary

Stars Oppose Merger

BlockTheMerger.com letter lists 4,000 signatories, including Robert De Niro, Holly Hunter, Florence Pugh and Sofia Coppola.
The letter says financing from Saudi Arabia, Qatar and United Arab Emirates funds raises concerns for Paramount-Warner merger.
The coalition—Writers Guild of America, Democracy Defenders Fund, Jane Fonda’s Committee for First Amendment and groups—warns that merging CBS and CNN under David Ellison, U.S. President Donald Trump ally, would concentrate power.
They say consolidation would threaten competition, industry integrity and democratic discourse.

History

Historical Context

The 2000 AOL-Time Warner merger, filed Feb 11 2000 and cleared by the FTC on Dec 14 2000, gave AOL shareholders 55% of a $360 billion conglomerate that later collapsed. That failed union of internet and media foreshadows today’s $111 billion Paramount-Warner deal, which faces opposition from Senator Elizabeth Warren, the Writers Guild, and Hollywood stars.

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Warner Bros. Discovery Approves

Warner Bros. Discovery shareholders approved Paramount Skydance’s $111 billion takeover at $31 per share.
The deal faces U.S./European antitrust reviews and a “ticking fee” raising the price after September 30.
Shareholders rejected an $886 million parachute for CEO David Zaslav while Sen. Elizabeth Warren, a Writers Guild petition with 4,000 signatures, urges regulators to block merger.
Financing includes a $45.7 billion guarantee from Larry Ellison and over $54 billion in debt.

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