Warner Bros. Discovery Shareholders Approve $81 Billion Paramount Skydance Takeover Deal
Warner Bros. Discovery shareholders on Thursday voted to approve Paramount Skydance's roughly $81 billion equity takeover, clearing a key hurdle toward closing the blockbuster merger. PBS NewsHour
The deal values the transaction at nearly $111 billion when debt is included and offers $31 per Warner share, with Paramount Skydance pledging a 45-day theatrical window and a goal of about 30 films a year. PBS NewsHour Broad opposition surfaced from industry workers and lawmakers, and the vote renews attention to ownership implications for CBS News because Paramount Skydance is CBS's parent. CBS News
The episode traces back to Warner Bros. Discovery's 2022 formation, which left the company carrying more than $50 billion in debt, and to Paramount's July 2024 merger with Skydance that created Paramount Skydance under CEO David Ellison. Months of pressure, an October 2025 auction of Warner's studios and streaming assets, and a December Netflix bid that later withdrew led to Paramount's escalated offer and a definitive agreement reached this winter.
Coverage has shifted as the story progressed. Early reports framed the shareholder vote as a procedural milestone, while later pieces highlighted labor warnings about job losses, lawmakers' antitrust concerns, and questions about the Ellison family's political ties. MS NOW and PBS NewsHour pushed the narrative toward those conflicts.
Next steps include a U.S. regulatory review that has already prompted Department of Justice subpoenas, higher scrutiny from state attorneys general, and further financing and governance work before closing. CBS News Reports also note near-term financing commitments from Gulf investors and that some shareholders voted down proposed executive compensation, signaling lingering resistance even after the approval.
Show source details & analysis
📊 Relevant Data
The merger would reduce the number of major Hollywood studios from five (Disney, Warner Bros., Universal, Sony, and Paramount) to four. ([Britannica](https://www.britannica.com/question/What-are-the-current-major-studios-in-Hollywood)) ([Britannica](https://www.britannica.com/question/What-are-the-current-major-studios-in-Hollywood)) ([Britannica](https://www.britannica.com/question/What-are-the-current-major-studios-in-Hollywood)) ([Britannica](https://www.britannica.com/question/What-are-the-current-major-studios-in-Hollywood))
What are the current major studios in Hollywood? — Britannica
From 2022 to 2024, the Hollywood industry lost approximately 41,000 jobs, reflecting broader consolidation trends. ([Fortune](https://fortune.com/2026/03/13/hollywood-netflix-paramount-wbd-jobs-industry-cluster)) ([Fortune](https://fortune.com/2026/03/13/hollywood-netflix-paramount-wbd-jobs-industry-cluster)) ([Fortune](https://fortune.com/2026/03/13/hollywood-netflix-paramount-wbd-jobs-industry-cluster)) ([Fortune](https://fortune.com/2026/03/13/hollywood-netflix-paramount-wbd-jobs-industry-cluster))
The Oscars make it clear: Hollywood is in a death spiral — Fortune
The U.S. Department of Justice has issued subpoenas in its antitrust review of the merger, seeking information on its effects on studio output, content rights, and competition among streaming services. ([Reuters](https://www.reuters.com/world/us-sends-subpoenas-warner-paramount-antitrust-review-probe-picks-up-steam-2026-03-27)) ([Reuters](https://www.reuters.com/world/us-sends-subpoenas-warner-paramount-antitrust-review-probe-picks-up-steam-2026-03-27)) ([Reuters](https://www.reuters.com/world/us-sends-subpoenas-warner-paramount-antitrust-review-probe-picks-up-steam-2026-03-27)) ([Reuters](https://www.reuters.com/world/us-sends-subpoenas-warner-paramount-antitrust-review-probe-picks-up-steam-2026-03-27))
US sends subpoenas in Warner-Paramount antitrust review as probe picks up steam — Reuters
📌 Key Facts
- Shareholders approved selling Warner Bros. Discovery to Paramount Skydance for $31 per share in an $81 billion equity deal — part of a transaction valued at nearly $111 billion including debt (Paramount's $81 billion takeover).
- Warner Bros. Discovery shareholders have formally voted to approve the Paramount Skydance merger, a vote described as clearing a key hurdle toward closing the transaction (Warner Bros. Discovery shareholders).
- Lawmakers and state attorneys general are calling for heightened scrutiny of undisclosed conflicts of interest and regulatory review remains a key next step before the deal can close (lawmakers and state attorneys general).
- The deal follows a prior bidding war in which Warner initially backed a roughly $72 billion Netflix studio-and-streaming proposal before Paramount raised its offer and Netflix withdrew (prior bidding war).
- Paramount CEO David Ellison has pledged to keep Warner and Paramount as stand‑alone studios while combining HBO Max and Paramount+ into a single streaming service, and to target about 30 theatrical releases a year with a 45‑day exclusive cinema window (David Ellison).
- Paramount would also acquire Discovery+ and already controls Pluto TV and BET+, substantially expanding its streaming portfolio, which critics say could reduce choices for consumers (combine HBO Max and Paramount+).
- PBS reports U.S. Q1 streaming market share at about 12% for HBO Max and 3% for Paramount+, versus 17% for Prime Video, 19% for Netflix and roughly 27% combined for Disney and Hulu — a market analysts say could be reshaped by the merger (U.S. streaming market share figures).
- Sources report extensive industry opposition — thousands of workers warned of job losses and consolidation — and a Senate 'spotlight' hearing in which Senator Cory Booker warned about concentrated control of news and entertainment (Warner Bros shareholders approve Paramount's $81 billion takeover).
- MS NOW reports allegations that the Ellison family has close ties to President Trump — citing prior regulatory approvals, a $16 million CBS settlement tied to a lawsuit, claims that Bari Weiss was installed as CBS News editor‑in‑chief and pulled a '60 Minutes' segment, and that Weiss and Paramount executives were scheduled to host a dinner with Trump on the day of the Warner vote — developments that have intensified conflict‑of‑interest concerns (MS NOW reports).
- CBS notes that Paramount Skydance is the parent company of CBS News, an ownership link the network highlights as a potential conflict of interest if the merged company controls major news and entertainment assets (Paramount Skydance is the parent of CBS News).
📰 Source Timeline (6)
Follow how coverage of this story developed over time
- Article details that Paramount Skydance plans to combine HBO Max and Paramount+ into a single streaming platform, while keeping HBO's production identity distinct.
- Provides U.S. streaming market share figures: HBO Max at about 12% and Paramount+ at about 3% of on-demand subscriptions in Q1, versus 17% for Prime Video, 19% for Netflix, and about 27% combined for Disney and Hulu.
- Notes that critics and analysts warn the consolidation will reduce consumer streaming choices and could lead to higher subscription prices despite larger content libraries.
- Confirms Paramount would also acquire Discovery+ and already controls Pluto TV and BET+, further expanding its streaming portfolio.
- States Ellison's public pledge to keep Paramount and Warner Bros. as stand-alone studios and to target more than 30 theatrical releases a year with a 45-day exclusive cinema window.
- CBS reiterates that Warner Bros. Discovery shareholders have now formally approved Paramount Skydance's roughly $81 billion acquisition.
- The segment frames the vote as clearing a key hurdle and focuses on what happens next, including regulatory review and deal-closing steps, though it does not add new hard numbers beyond the $81 billion valuation.
- CBS reminds viewers that Paramount Skydance is the parent company of CBS News, underscoring ownership and potential conflict-of-interest concerns.
- Warner Bros. shareholders overwhelmingly approved Paramount Skydance's $81 billion offer at $31 per share in a preliminary vote Thursday.
- The article explicitly ties regulatory approval to the Trump administration and highlights concerns about the Ellison family's close relationship with President Trump while gaining control of CNN.
- It reports that the Trump administration previously approved the Ellison family's acquisition of Paramount Global after CBS agreed to pay $16 million to settle Trump's $20 billion lawsuit over a '60 Minutes' Kamala Harris interview.
- It adds that after that deal, Bari Weiss, via her Free Press acquisition, was installed as editor-in-chief at CBS News and pulled a planned '60 Minutes' segment on abuse inside an El Salvador megaprison holding Venezuelan migrants deported from the U.S.
- Lawmakers and state attorneys general are already calling for heightened scrutiny of 'undisclosed conflicts of interest' around this new merger.
- The piece notes that Weiss, David Ellison and other Paramount executives were scheduled to host Trump at a dinner at the Institute of Peace in Washington on the same day as the Warner shareholder vote.
- CBS segment confirms that Warner Bros. Discovery shareholders have formally voted to approve the Paramount Skydance merger.
- The report reiterates that Paramount Skydance is the parent of CBS News, underscoring ownership implications for the outlet itself.
- Shareholders approved selling Warner Bros. Discovery to Paramount for $31 per share in an $81 billion equity deal valued at nearly $111 billion including debt.
- Article details prior bidding war in which Warner initially backed a $72 billion Netflix studio and streaming bid before Paramount raised its offer and Netflix withdrew.
- Story notes extensive opposition from thousands of industry workers warning of job losses and consolidation, plus a Senate 'spotlight' hearing where Sen. Cory Booker warned about concentrated control of news and entertainment.
- Paramount CEO David Ellison has pledged a 45-day theatrical window and a goal of 30 films a year across the combined studios, promising HBO Max and Paramount+ may be combined while the studios stay stand-alone.