Warner Bros Discovery Shareholders Approve $111bn Paramount Takeover
Warner Bros Discovery shareholders have approved a huge takeover. Paramount will buy the company for $111bn (£82bn). The deal could drastically alter the media landscape.
A Media Mega-Deal
Paramount owns Skydance. It will take control of all Warner Bros titles and channels. These include Harry Potter, Game of Thrones, and CNN. “We look forward to creating an exceptional combined company,” said Warner Bros chair Samuel DiPiazza. He said the deal will expand consumer choice. It will also benefit the global creative talent community.However, the deal still needs more approval. The US Department of Justice must sign off. European competition regulators also need to agree.
A Long Saga Ends
The shareholder vote follows a dramatic months-long saga. Netflix had made an earlier takeover bid. Netflix later withdrew after Paramount submitted a rival, higher offer.Paramount wants to become a Hollywood heavyweight. The company is backed by tech billionaire Larry Ellison. His son David leads it.
Trump Dinner and Protests
David Ellison is hosting a dinner with Donald Trump on Thursday. The event is at the US Institute of Peace in Washington DC. Hulk actor Mark Ruffalo is expected to join protesters outside. Organisers have called it a “corruption gala”. Protesters also worry about the Ellisons owning CNN.
