Warner Bros. Discovery Shareholders to Decide on Paramount Acquisition

Warner Bros. Discovery shareholders are set to vote on April 23, 2026, regarding a proposed acquisition by Paramount Skydance, owned by the Larry Ellison family, valued at $111 billion. The deal, offering $31 per share, would combine major entertainment assets, including film studios like Warner Bros. and Paramount, TV networks such as CBS, HBO, and CNN, along with streaming services and news organizations. This merger aims to reshape the industry by integrating iconic characters like Batman and Harry Potter, and extensive film libraries. Paramount's bid represents a 63% increase over an earlier $19-per-share proposal and a 150% premium over Warner's stock price before acquisition talks. Warner CEO David Zaslav endorsed the transaction, emphasizing value creation for stakeholders. Regulatory approvals are pending, with a target completion by September 2026; delays could incur additional fees for shareholders. The combined entity would carry substantial debt, potentially leading to cost reductions. Initially, Netflix had secured a deal in December 2025 for $27.75 per share, but Paramount persisted, lobbying and ultimately outbidding Netflix after Warner reopened bidding in February 2026. Paramount paid a $2.8 billion termination fee to Netflix and signed the merger agreement on February 27, 2026. Warner's board recommends approval, noting that non-votes will count as rejections. Major shareholders include Vanguard Group, BlackRock, and State Street Corp. A late bid from Nobelis Capital at $32.50 per share was dismissed due to lack of verified funds. The Ellison family's political connections, including ties to President Trump, add context to the deal's dynamics.