An $81 billion Warner-Paramount mega merger has received shareholders’ stamp of approval, propelling a deal that could vastly reshape Hollywood and the wider media landscape closer to the finish line.
has received shareholders’ stamp of approval, propelling a deal that could vastly reshape Hollywood and the wider media landscape closer to the finish line. Per a preliminary vote count on Thursday, the overwhelming majority of Warner Bros .
Discovery shareholders voted in support of selling the entire business to Paramount for $31 a share, the company said. Including debt, the deal is valued at nearly $111 billion. could soon find themselves under the same roof with CBS, “Top Gun” and the Paramount+ streaming service. A greenlight from company shareholders increases the likelihood of that becoming a reality.
FILE - The Paramount Pictures water tower is seen in Los Angeles, Dec. 18, 2025, with the Hollywood sign in the distance. , including from the U.S. Department of Justice. Warner has said it expects to close the deal sometime in the third fiscal quarter. Paramount’s quest for Warner has been far from smooth sailing.
And while Warner’s board now endorses the Paramount merger, it wasn’t always eager to enter this particular marriage. All three companies spent months fighting publicly over who had the better offer on the table. Warner’s board That corporate drama may now be over, but the implications remain.
Thousands of actors, directors, writers and other industry professionals have voiced “unequivocal opposition” to the deal, “What is at stake is clearly not just a corporate deal, but who controls news, who controls entertainment, who controls storytelling,” Democratic Sen. Cory Booker said in a “spotlight” hearing on the merger held in Washington last week.
“It’s about the concentration and consolidation of cultural power. ” The merger would bring together two of Hollywood’s remaining five legacy studios. It would also join two major streaming platforms — Paramount+ and HBO Max — and two big names in America’s TV news landscape — CBS and Company executives argue this will be good news for consumers, who they say will have access to bigger content libraries, particularly if HBO Max and Paramount+ become one streaming service.
And Paramount CEO David Ellison has with a 45-day theatrical window guarantee and goal to release 30 movies a year between Paramount and Warner, which he’s said will remain But the new owner will also be looking to cut costs. Regulatory filings have already indicated that would include layoffs and downsizing some overlapping operations.
And critics are skeptical about consumer benefits — warning of higher prices that could arise when it comes to streaming, and potentially less diversity in content down the road. less than a year ago, Paramount-owned CBS has already seen significant editorial shifts, notably with the installation of Free Press founder Bari Weiss as Other questions of political influence have piled up. The Justice Department and company leadership have maintained politics will not play a role in the regulatory process — but Trump himself has Warner’s future at times, despite backpedaling on what he once suggested his personal role would be.
Trump also has a close relationship with the Ellison family, particularly billionaire Oracle founder Larry Ellison, who is putting Meanwhile, Paramount has secured money from several sovereign investment funds — including Saudi Arabia’s Public Investment Fund, as well as funds from the United Arab Emirates and Qatar, per . But such investors will not have voting rights in a future Paramount-Warner combo, the filings noted. Paramount has not publicly specified how much they’re contributing.
Other countries, including European regulators, are looking the deal — and states could try to challenge it, too. California Attorney General Rob Bonta has been particularly vocal about the transaction, and said his state is investigating it. No, the ‘Alabama DMV’ didn’t text you: Breaking down the latest scamMichael Tilson Thomas, renowned conductor and composer, dies at 81
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