Full Breakdown
Warner Bros. Discovery Shareholders Approve $110 Billion Merger with Paramount Skydance
4/26/2026, 10:49:07 AM
Merger Approval and Deal Terms
Warner Bros. Discovery (WBD) shareholders voted to approve a merger with Paramount Skydance Corp. The Boards of Directors of both companies have already signed a $110 billion agreement that would transfer ownership of the Warner Bros. film studio, the HBO Max streaming service, and cable assets including CNN to Paramount Skydance. The transaction is slated to close in the third quarter of 2026, pending antitrust clearance by the U.S. Justice Department.
Bidding War Background
Late 2025, WBD entertained competing proposals from Netflix and Paramount. Netflix initially offered an enterprise value of roughly $82.7 billion (equity value $72.0 billion) and pledged to “pave the way for the next century of storytelling.” Paramount countered with a per-share bid of $30, later rising to $31, valuing the deal at $108.4 billion—a figure later reported as $110 billion in board approvals. In February 2026, Netflix declined to raise its offer, stating that matching Paramount’s terms would not be “financially attractive.”
Key Executives and Stakeholders
- Samuel A. Di Piazza Jr. – Chair, Warner Bros. Discovery Board of Directors
- David Zaslav – President and CEO, Warner Bros. Discovery (potential $887 million payout)
- Rob Bonta – California Attorney General
- Adam Schiff – U.S. Senator (D-CA)
- Zohran Mamdani – Mayor of New York City
- Paramount Skydance leadership – represented the acquiring side
Timeline of Negotiations
- Late 2025 – Netflix and Paramount submit competing offers.
- February 2026 – Netflix announces it will not raise its bid.
- Early April 2026 – Warner Bros. Discovery shareholders approve the Paramount merger.
- Q3 2026 (projected) – Expected closing, pending regulatory approval.
Financial Details
- Enterprise value: Reported at $108.4 billion (Paramount bid) and later $110 billion in board approvals.
- Share price: Paramount’s offer increased from $30 to $31 per share; Warner Bros. Discovery stock traded near $8 per share in 2025.
- Potential executive payout: CEO David Zaslav could receive up to $887 million if the deal closes.
- Opposition: An open letter signed by 4,370 industry professionals—including Bryan Cranston and Kristen Stewart—opposes the merger.
Official Statements from Corporate Leaders
Warner Bros. Discovery’s board chair expressed gratitude to shareholders and said the combination would expand consumer choice and benefit the global creative talent community. The CEO highlighted the company’s transformation over the past four years and described the shareholder vote as a milestone toward delivering exceptional value. Both executives pledged to work with Paramount to complete the remaining steps toward creating a next-generation media company.
Opposition from Lawmakers and Industry Professionals
California Attorney General Rob Bonta warned that the merger had not cleared regulatory scrutiny and that the state’s Department of Justice was conducting an investigation. Senator Adam Schiff hosted a hearing to discuss potential impacts on workers and competition, calling the deal “an unprecedented consolidation of media and programming.” New York Mayor Zohran Mamdani warned that the merger threatens thousands of jobs in the city and could raise streaming costs for consumers. The open letter from over 4,000 industry professionals underscores concerns about reduced competition and creative independence.
Verbatim Quotes
- “We appreciate the support and confidence our stockholders have placed in us to unlock the full value of our world-class entertainment portfolio,” — Samuel A. Di Piazza Jr., Chair, Warner Bros. Discovery Board
- “Over the past four years, our teams have transformed Warner Bros. Discovery and returned the company to industry leadership,” — David Zaslav, President & CEO, Warner Bros. Discovery
- “These two Hollywood titans have not cleared regulatory scrutiny — the California Department of Justice has an open investigation, and we intend to be vigorous in our review.” — Rob Bonta, California Attorney General
- “Two of Hollywood's biggest studios are now seeking to merge, and the decisions made in that boardroom will land squarely on industry workers…It would be an unprecedented consolidation of media and programming,” — Adam Schiff, U.S. Senator (D-CA)
- “As creators we know firsthand that this is also a moment when the industry has been facing significant disruption—and the need for strong, creative-first and well-capitalized companies that can continue to invest in storytelling has never been greater.” — Paramount Skydance spokesperson
- “This merger is bad for New Yorkers three times over. Thousands of jobs at risk here in the city. Streaming bills going up as competition disappears.” — Zohran Mamdani, Mayor of New York City
Conflicting Reports & Gaps
Sources differ on the exact enterprise value, citing $108.4 billion and $110 billion. The per-share offer is reported as $30 in early coverage and $31 in later updates. Netflix’s equity valuation is listed as $72.0 billion, while its total enterprise value is $82.7 billion. No definitive timeline for antitrust approval is provided, leaving regulatory outcomes uncertain.
Outlook and Regulatory Hurdles
The merger’s completion hinges on approval from the Justice Department and state regulators. Lawmakers and industry groups have signaled intent to scrutinize the deal for anticompetitive effects. If cleared, the combined entity would become a dominant player in film, streaming, and cable television, reshaping the competitive landscape of U.S. media.
