Warner Bros. Discovery shareholders overwhelmingly approved Paramount’s takeover bid on Thursday, a preliminary vote count showed, clearing a key hurdle for the roughly $111 billion transaction when debt is included.
The deal still faces regulatory review and potential legal challenges. U.S. scrutiny has intensified: Democratic senators held a recent “spotlight” hearing that raised antitrust concerns about the combined company’s market power. The European Commission and several U.S. states, including California, are also reviewing the merger. European regulators are expected to encounter fewer barriers, with estimates indicating the merged company would hold under a 20% market share across EU markets.
Paramount launched an unsolicited bid despite Warner Bros.’ prior agreement with Netflix, triggering a short bidding contest that ended when Netflix withdrew. Paramount executives say the deal will produce consumer benefits, particularly if Paramount+ and HBO Max are consolidated into a single streaming service.
Critics counter that the transaction further concentrates an already powerful media landscape. The merger would bring together two major studios and streaming platforms and place CBS and CNN under unified ownership. Hundreds of Hollywood figures signed an open letter opposing the deal, arguing consolidation will reduce competition and diminish opportunities for creators. Some observers have also voiced concerns that CNN’s editorial independence could be jeopardized by Paramount’s leadership, citing reported ties between Paramount owner David Ellison and former President Donald Trump.
The deal’s financing structure, which includes investments from sovereign wealth funds in Saudi Arabia, Qatar and the United Arab Emirates, has prompted additional national security and geopolitical concerns among lawmakers and advocacy groups.
Paramount and Warner Bros. expect to complete the transaction in 2026, subject to regulatory clearances and the resolution of any legal challenges. Until those approvals are secured, the merger’s timeline and final terms remain uncertain.