Warner Bros Shareholders Back Paramount’s $111bn Takeover Deal

Shareholders of Warner Bros Discovery have approved a $111 billion takeover by Paramount, a major development that could reshape the global entertainment industry.

The proposed deal would give Paramount control over Warner Bros’ extensive portfolio, including major franchises like Harry Potter, Game of Thrones, and the news network CNN.

Warner Bros chairman Samuel DiPiazza said the merger would create a stronger combined entity capable of expanding consumer choice and supporting creative talent globally.

Despite shareholder approval, the transaction still requires clearance from regulators, including the US Department of Justice and European competition authorities.

The decision follows months of takeover interest, including an earlier bid from Netflix, which was later withdrawn after Paramount submitted a higher offer. Paramount, backed by tech billionaire Larry Ellison and led by his son David Ellison, is seeking to strengthen its position in Hollywood.

The deal has also sparked political and industry reactions. Protests are expected in Washington, where actor Mark Ruffalo is among those opposing the merger, citing concerns about media ownership and regulatory transparency.

Former U.S. President Donald Trump has previously criticised CNN’s leadership and suggested the network should be sold as part of any takeover.

Concerns have also been raised within the entertainment industry. More than 1,400 creatives, including Emma Thompson, Ben Stiller, and Javier Bardem, signed a letter warning the merger could reduce opportunities for creators, increase costs, and limit audience choice.

U.S. Senator Elizabeth Warren described the deal as a potential antitrust issue, indicating that legal challenges could still arise.

However, analysts such as Mike Proulx suggest U.S. regulators may ultimately approve the deal, with closer scrutiny expected from European authorities.

If cleared, Paramount plans to integrate Warner Bros’ assets, including HBO Max subscribers, as well as channels like the Discovery Channel and Food Network, into its existing portfolio, which already features brands such as CBS, Nickelodeon, and Comedy Central.

The company expects to complete the acquisition by September, subject to regulatory approval.