Warner Bros Discovery shareholders have approved the company's $111 billion (£82 billion) takeover by Paramount in a deal which could drastically alter the media landscape. The deal will see Skydance owner Paramount take control of all of Warner Bros' titles and channels, which include Harry Potter, Game of Thrones, and news network CNN.
With Paramount, we look forward to creating an exceptional combined company that will expand consumer choice and benefit the global creative talent community, Warner Bros chair Samuel DiPiazza said. The deal still needs approval from the US Department of Justice and European competition regulators.
The shareholders' backing of the deal follows a dramatic months-long saga, after an earlier takeover bid for Warner Bros by Netflix, which the streaming service later withdrew after Paramount submitted a rival, higher offer.
Paramount, backed by tech billionaire Larry Ellison and led by his son David, is looking to transform itself into a Hollywood heavyweight. Ellison is hosting a dinner with Trump on Thursday at the U.S. Institute of Peace in Washington DC. Hulk actor Mark Ruffalo is expected to join protesters outside the building to demonstrate against what organizers have described as a corruption gala, given the regulatory hurdles still facing the companies.
Trump has frequently attacked CNN over its reporting of his policies, stating in December that he believed the news network should be sold as part of any Warner Bros takeover.
A slew of actors, directors, and filmmakers have opposed the takeover, warning it could further harm an already struggling industry. In April, more than 1,400, including Emma Thompson and Ben Stiller, signed a letter voicing their concerns. The result will be fewer opportunities for creators, fewer jobs across the production ecosystem, higher costs, and less choice for audiences, the letter stated.
Paramount has pledged its commitment to talent, asserting that it will ensure fewer barriers for creators. If approved, Paramount plans to integrate Warner Bros' HBO Max streaming customers and will take ownership of the Food Network, the Discovery Channel, and a range of sports offerings. The company expects the takeover to be finalized by September, pending regulatory clearances.
With Paramount, we look forward to creating an exceptional combined company that will expand consumer choice and benefit the global creative talent community, Warner Bros chair Samuel DiPiazza said. The deal still needs approval from the US Department of Justice and European competition regulators.
The shareholders' backing of the deal follows a dramatic months-long saga, after an earlier takeover bid for Warner Bros by Netflix, which the streaming service later withdrew after Paramount submitted a rival, higher offer.
Paramount, backed by tech billionaire Larry Ellison and led by his son David, is looking to transform itself into a Hollywood heavyweight. Ellison is hosting a dinner with Trump on Thursday at the U.S. Institute of Peace in Washington DC. Hulk actor Mark Ruffalo is expected to join protesters outside the building to demonstrate against what organizers have described as a corruption gala, given the regulatory hurdles still facing the companies.
Trump has frequently attacked CNN over its reporting of his policies, stating in December that he believed the news network should be sold as part of any Warner Bros takeover.
A slew of actors, directors, and filmmakers have opposed the takeover, warning it could further harm an already struggling industry. In April, more than 1,400, including Emma Thompson and Ben Stiller, signed a letter voicing their concerns. The result will be fewer opportunities for creators, fewer jobs across the production ecosystem, higher costs, and less choice for audiences, the letter stated.
Paramount has pledged its commitment to talent, asserting that it will ensure fewer barriers for creators. If approved, Paramount plans to integrate Warner Bros' HBO Max streaming customers and will take ownership of the Food Network, the Discovery Channel, and a range of sports offerings. The company expects the takeover to be finalized by September, pending regulatory clearances.
