Warner Bros. Discovery has announced that its stockholders voted to approve its previously announced transaction with Paramount Skydance at the Company's Special Meeting of Stockholders held earlier today.
"We appreciate the support and confidence our stockholders have placed in us to unlock the full value of our world-class entertainment portfolio," said Samuel A. Di Piazza, Jr., Chair of the Warner Bros. Discovery Board of Directors. "With Paramount, we look forward to creating an exceptional combined company that will expand consumer choice and benefit the global creative talent community."
"Over the past four years, our teams have transformed Warner Bros. Discovery and returned the company to industry leadership," added David Zaslav, President and CEO of Warner Bros. Discovery. "Today's stockholder approval is another key milestone toward completing this historic transaction that will deliver exceptional value to our stockholders. We will continue to work with Paramount to complete the remaining steps in this process that will create a leading, next-generation media and entertainment company."
Based on the preliminary vote count from today's Special Meeting, WBD stockholders voted overwhelmingly to approve the adoption of the merger agreement with Paramount.
The transaction is expected to close in Q3 2026, subject to customary closing conditions, including regulatory clearances.
This decision hasn't come as a surprise, but the next part will have shocked at least one person today. The majority of Warner Bros. shareholders voted against the massive compensation package for Zaslav.
While the Warner Bros. Discovery board can go ahead with any payouts as planned, this symbolic rebuke speaks volumes. As things stand, Zaslav would receive $34.2 million in cash severance; $517.2 million in equity in the combined company; and $44,195 in continued health coverage reimbursement benefits.
That's at least $550 million, though he'd receive an additional $335 million for taxes assessed by the IRS on his accelerated stock vesting. The executive has already sold $114 million worth of Warner Bros. stock, meaning he stands to become a billionaire when all is said and done. Whether that amount now changes in response to today's vote remains to be seen.
Recently, Spider-Man: Brand New Day star Mark Ruffalo shared his thoughts on the merger when he said, "We do not have to watch 'Citizen Kane' or read '1984' to understand that the concentrated oligarchic control this merger represents is a threat to free press, an informed populace and democracy itself."
"Don’t trust empty promises from billionaires driven by greed and corrosive ideology. Don’t trust that this new company will somehow make more films with less money and so much more debt," the actor added, condemning Zaslav, "for basically crushing Warner Bros. to the point where they were carrying so much debt they had to sell it. It’s obscene."
Stay tuned for updates as we have them.