Warner Bros shareholders approve Paramount’s takeover

Lead

Warner Bros. Discovery shareholders on Thursday voted overwhelmingly to approve the company's sale to Paramount, moving the $111 billion deal one step closer to completion. The merger would reshape Hollywood and the broader American media landscape, combining two major studios and streaming services.

The preliminary vote count showed strong support among shareholders for selling the entire business to Paramount for $31 per share, the company said. Including debt, the transaction is valued at nearly $111 billion, according to multiple reports.

Coverage Comparison

Three major news outlets — Al Jazeera, the BBC, and Deutsche Welle — all reported on the shareholder vote, but each brought distinct angles to the story.

Al Jazeera framed its coverage around the deal's broader financial aspects, describing the merger as a victory for Paramount over long-time rival Netflix in a months-long bidding war. The outlet also highlighted the financing structure, reporting that sovereign wealth funds from Saudi Arabia, Qatar, and the United Arab Emirates are backing the deal.

The BBC focused on the deal's potential to drastically alter the media landscape and the political elements surrounding it. The network reported that Paramount CEO David Ellison, a major Republican donor, was hosting a dinner with President Donald Trump on Thursday, with actor Mark Ruffalo expected to join protesters outside the event. The BBC also noted that over 1,400 actors, directors, and filmmakers have signed a letter opposing the takeover.

Deutsche Welle's coverage emphasized regulatory scrutiny and the deal's effect on media market concentration. The outlet reported that the European Commission and several US states, including California, are reviewing the merger. DW also highlighted concerns from critics that CNN could lose its editorial independence under Paramount's ownership.

Key Claims

Shareholders approved the sale: The vote, according to company statements, gives the green light to sell Warner Bros. Discovery to Paramount. The deal is structured as an acquisition by Paramount, which is owned by Skydance.

Valuation and financing: The deal is valued at nearly $111 billion, including debt, as reported by all three outlets. Al Jazeera reported that financing includes contributions from sovereign wealth funds in Saudi Arabia, Qatar, and the United Arab Emirates. This specific claim has not been confirmed by other sources in this coverage, but Al Jazeera's reporting is based on a statement from the company.

Streaming and studio consolidation: The merger combines HBO Max and Paramount+ into streaming platforms, as well as the two major Hollywood studios, CBS and CNN. Al Jazeera reported that the number of major US film studios would be reduced to four.

Political interference: The deal has provoked political controversy. The BBC reported that Paramount CEO David Ellison is hosting a dinner with President Trump. The event's proximity to the merger's approval on Thursday has drawn criticism from protesters. Deutsche Welle reported critics fear CNN, which has frequently reported critically on President Trump, could lose its editorial independence under Paramount's leadership.

Opposition within Hollywood: More than 1,400 actors, directors, and filmmakers have signed a letter opposing the takeover, according to the BBC. The letter also raised concerns about potential harm to the film industry.

Perspectives

Proponents of the merger: Warner Bros. chairman Samuel DiPiazza said the deal would “expand consumer choice and benefit the global creative talent community.” Paramount executives echo the view, saying the combination will benefit consumers by creating a more competitive player against streaming giants like Disney.

Regulators and watchdogs: The US Department of Justice has sent subpoenas in late March seeking details on the merger's impact on studio output, streaming competition, and movie theaters. The European Commission has also launched a review, though Deutsche Welle reported that the combined company would hold less than 20% of the EU market share, likely reducing the antitrust risk.

Critics and internal opposition: An open letter from more than 1,400 creators warned that the deal could result in fewer creative opportunities, more job losses, and less consumer choice. Protests and concerns target, in particular, what they see as a threat to the editorial independence of CNN, May take a new course under owner David Ellison, described as a conservative ally close to President Trump.

Timeline and Next Steps

In March, Paramount made an unsolicited bid for Warner Bros. Discovery, despite Warner's existing agreement with Netflix. Paramount's offer triggered a bidding war, with Netflix withdrawing when Paramount tabled a higher.

The shareholder vote is the final hurdle before regulatory review. Attention will now turn to regulators in Washington and London, who are expected to examine the merger's competitive impact. The European Commission and several US states have yet to complete review,

One key issue remains the future of CNN. President Trump repeatedly demanded that the news network be sold as part of the Warner Bros takeover, saying its current leadership were “corrupt or incompetent.” The new owners have not yet indicated whether they'll agree to sell the network.

This deal's completion would formalize a tie-up of two legacy media companies into a entertainment giant with simultaneous stakes in film, television, streaming, and news — a move that industry observers say could forever alter the face of American media landscape.