NEW YORK (AP) — An $81 billion Warner-Paramount mega merger has received shareholders’ stamp of approval, propelling a deal that could vastly reshape Hollywood and the wider media landscape closer to the finish line.

Per a preliminary vote count on Thursday, the overwhelming majority of Warner Bros. Discovery shareholders voted in support of selling the entire business to Paramount for $31 a share, the company said. Including debt, the deal is valued at nearly $111 billion.

Skydance-owned Paramount wants to buy all of Warner. That means HBO Max, cult-favorite titles like “Harry Potter” and even CNN could soon find themselves under the same roof with CBS, “Top Gun” and the Paramount+ streaming service. A greenlight from company shareholders increases the likelihood of that becoming a reality.

But the deal still faces ongoing regulatory reviews, including from the U.S. Department of Justice. Warner has said it expects to close the deal sometime in the third fiscal quarter.

Paramount’s quest for Warner has been far from smooth sailing. And while Warner's board now endorses the Paramount merger, it wasn’t always eager to enter this particular marriage.

Late last year, Warner rebuffed Paramount’s overtures to instead strike a $72 billion studio and streaming deal with Netflix. Paramount, meanwhile, went directly to shareholders with a hostile bid to take over the whole company, including the cable business that Netflix did not want.

All three companies spent months fighting publicly over who had the better offer on the table. Warner’s board repeatedly backed Netflix’s bid. But eventually, Paramount offered more money and Netflix abruptly bowed out of the race rather than prolonging the fight.

That corporate drama may now be over, but the implications remain. Thousands of actors, directors, writers and other industry professionals have voiced “unequivocal opposition” to the deal, in a letter arguing that further consolidation will lead to job losses and fewer choices for filmmakers and movie goers.

Some lawmakers are also sounding the alarm.

“What is at stake is clearly not just a corporate deal, but who controls news, who controls entertainment, who controls storytelling,” Democratic Sen. Cory Booker said in a “spotlight” hearing on the merger held in Washington last week. “It’s about the concentration and consolidation of cultural power."

Source: WPLG