Shareholders approved Paramount Skydance’s acquisition of Warner Bros. Discovery, a deal impacting TVN in Poland and major media assets globally.
Paramount Skydance Acquires Warner Bros. Discovery
Warner Bros. Discovery (WBD) shareholders have voted to approve the company’s sale to Paramount Skydance in a $110 billion transaction. The deal will reshape the media landscape, including ownership of Polish television station TVN.
The decision was made at a special shareholders meeting, with Paramount Skydance set to acquire all of WBD for $31 per share, valuing the entire transaction at $110 billion.
Shareholder Approval and Transaction Details
“Preliminary results of the voting conducted at today’s extraordinary general meeting indicate that WBD shareholders have overwhelmingly approved the adoption of the merger agreement with Paramount,” the company stated in a release.
Assets Included in the Deal
The acquisition by Paramount Skydance includes streaming platform HBO Max, Warner Bros. film and television studios, and television networks such as CNN, TNT, and TVN in Poland.
Statements from Leadership
WBD CEO David Zaslav stated, “Today’s shareholder approval is another key step toward finalizing this historic transaction, which will deliver exceptional value to our shareholders. We will continue to work with Paramount to complete the remaining steps of this process, which will lead to the creation of a leading next-generation media and entertainment company.”
Competition and Regulatory Scrutiny
Paramount Skydance won the bid for WBD over Netflix, which initially had an agreement with the company but received a $2.8 billion break-up fee from Paramount. The merger is one of the largest in media history.
The transaction is expected to be finalized by the end of the third quarter of this year, with WBD shareholders receiving a $0.25 per share quarterly penalty for any delays.
The sale faces procedural hurdles, including investigations by the California Attorney General Rob Bonta. The deal has also drawn opposition from hundreds of directors, producers, and actors who published an open letter arguing it would harm the creative industry in Hollywood.
The U.S. Department of Justice’s antitrust division is also reviewing the transaction, with a senior official stating Paramount Skydance should not expect a “fast track” approval due to political considerations. The UK’s Competition and Markets Authority (CMA) has also announced its own investigation due to the presence of both WBD and Paramount Skydance in the British market.
Political Implications and Ownership
Paramount Skydance is led by David Ellison, son of Oracle founder Larry Ellison, who is known for supporting former U.S. President Donald Trump. Larry Ellison provided financial guarantees for the transaction.
Since Trump took office in January 2025, Ellison-owned companies have gained control of Paramount, including CBS, and a consortium has taken control of TikTok in the U.S. In both cases, owners have been accused of interfering with content to benefit the U.S. administration. Pentagon chief Pete Hegseth also expressed his approval of the deal, stating that “the sooner David Ellison takes over this station, the better,” referencing CNN’s coverage of the U.S.-Iran war.
Ellison has previously suggested plans to consolidate news divisions, potentially leading to layoffs.
