WARNER BROS. DISCOVERY shareholders have voted overwhelmingly to approve a $110 billion merger with Paramount Skydance, marking a major step toward creating the largest U.S. owner of traditional TV networks alongside a vast streaming and film portfolio.
This merger combines Paramount+ with HBO Max and unites premium sports, news, and entertainment portfolios — including CBS Sports and TNT — under one corporate umbrella.
In a non-binding advisory vote, shareholders have however rejected a compensation package that could award WBD CEO David Zaslav up to $887 million upon the merger’s completion.
Proxy advisors ISS and Glass Lewis criticized the payout as ‘extraordinary,’ ‘problematic,’ and inconsistent with market norms, with ISS noting it would be among the largest golden parachutes ever observed, TheWrap reports. The backlash comes as WBD undergoes cost-cutting measures, including staff reductions, and may influence future executive pay negotiations.
Paramount CEO David Ellison is set to lead the combined entity, which will merge HBO Max and Paramount+ and control extensive film and TV libraries, Reuters reports.
The merger, which would unite two major studios and streaming platforms, still faces significant regulatory scrutiny in the U.S., U.K., and Europe. The transaction is expected to close by the third quarter of 2026 if it clears these hurdles.
Sports portfolio consolidation
The deal merges Paramount’s CBS Sports (NFL, NCAA, PGA Tour) with WBD’s extensive sports holdings, including TNT/TBS (NBA, NHL, MLB) and potentially Eurosport/TNT Sports.
Streaming and content implications of the merger
•The combined company will no longer operate three mid-tier OTT services but a global OTT platform, enhancing competitiveness.
•Analysts estimate the merged entity could reach roughly 200 million gross streaming subscribers, challenging other major platforms.
•The merger consolidates two of the largest film and TV libraries, strengthening content offerings across theatrical, TV, and direct-to-consumer channels.
