NEW YORK (AP) — An $81 billion Warner-Paramountmega mergerhas received shareholders’ stamp of approval, propelling a deal that could vastlyreshape Hollywoodand 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-ownedParamount wants to buy all of Warner. That means HBO Max, cult-favorite titles like “Harry Potter” andeven CNNcould 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.

David Zaslav, CEO of Warner Bros. Discovery, said in a statement that stockholder approval marks “another key milestone toward completing this historic transaction.” Paramount added that it looks forward to closing in the coming months, and “realizing the creation of a next-generation media and entertainment company.”

It’s not a done deal quite yet. The acquisition still faces ongoingregulatory reviews. Many critics have sounded the alarm on further consolidation in an industryalready controlledby just a few major players, and are calling for the merger to get blocked — if not from the Trump administration, which seems unlikely, perhaps at the state level in the U.S. or through other court fights.

Meanwhile, Warner shareholders rejected a separate measure Thursday that outlined post-merger payments for company executives.

Paramount’s quest for Warner has been far from smooth sailing. And Warner leadership 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 dealwith Netflix. Paramount, meanwhile, went directly to shareholders witha hostile bidto 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 boardrepeatedly backedNetflix’s bid. But eventually, Paramount offeredmore moneyand Netflixabruptly bowed outof 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 letterarguing that further consolidation will lead to job losses and fewer choices for filmmakers and movie goers.

A CinemaCon attendee sports a pin expressing opposition to the proposed Paramount-Warner Bros. Discovery merger during CinemaCon 2026, Tuesday, April 14, 2026, at Caesars Palace, in Las Vegas. (AP Photo/Chris Pizzello)

Source: Fast Company