LOS ANGELES, April 23 (Xinhua) -- Warner Bros. Discovery (WBD) announced Thursday that the company's shareholders voted to approve its previously announced transaction with Paramount Skydance Corporation at a special meeting of stockholders.
"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," said WBD in a statement, adding that final vote results from the meeting are subject to certification by the company's independent inspector of election.
The transaction is expected to close in Q3 2026, subject to customary closing conditions, including regulatory clearances, according to the statement.
"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 WBD 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."
After Netflix announced on Feb. 26 that it would not submit a higher offer for WBD, Paramount, which had recently submitted a new bid, successfully pulled ahead and took the lead position in the race to acquire the Hollywood giant. Paramount's latest bid values WBD at about 111 billion U.S. dollars.
Paramount has said that it would pay a 2.8 billion dollar termination fee to Netflix, the world's largest streaming company by subscriber count.
Netflix sent shockwaves through Hollywood on Dec. 5 by announcing an 82.7 billion dollar agreement to acquire WBD. Paramount has since launched a hostile bid, placing the merger at the center of a widening national debate.
Unlike the deal with Netflix, which covered WBD's film studio and streaming service and would spin off its cable division into a new publicly traded company, Paramount's offer is for the entirety of WBD.
