Warner Bros. shareholders Discovery approved the sale of the company to Paramount Skydance, bringing the proposed merger – which would transform the entertainment industry – closer to completion. Warner Bros. said shareholders voted overwhelmingly to approve the deal at its extraordinary shareholders meeting held this Thursday.
Warner had previously agreed to sell its studios and HBO Max to Netflix for $27.75 per share, prompting Paramount to launch a hostile takeover attempt, going directly to shareholders with its offers to acquire the entire company.
In February, Paramount won the bidding war to buy Warner with an offer of $31 per share, which Netflix said it would not match.
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The agreement, however, still faces regulatory obstacles. Combining the companies would put two traditional film and TV studios, as well as multiple cable television networks, under the same control — a prospect that draws regulatory scrutiny.
Warner Bros. expects the deal to close in the third quarter. Source: Dow Jones Newswires.
