Warner Bros. Discovery has set a special shareholder meeting for April 23 at 10 a.m. ET so investors can vote on the $110 billion offer from Paramount and Skydance. The WBD board says it unanimously recommends shareholders approve the deal.
What led to this vote
This is the second special meeting Warner Bros. Discovery has scheduled this year. Earlier, the company arranged a vote tied to a proposed Netflix transaction but left the door open to talks with Paramount to seek a better offer. Paramount responded with a stronger bid, and that offer ultimately became the one on the table for shareholders to consider.
What WBD leaders are saying
"The WBD Board has been guided by the singular principle of securing a transaction that maximizes the value of our iconic assets and delivers as much certainty as possible to our shareholders," said Samuel A. Di Piazza, Jr., chair of the Warner Bros. Discovery board of directors. "This historic transaction with Paramount not only does that, but it will also expand consumer choice and develop new opportunities for creative talent."
WBD CEO David Zaslav added that the vote follows a thorough process. "This transaction is the culmination of the Board's robust process to unlock the full value of our world-class portfolio. I want to thank our talented team for transforming the business over the last several years. We are working closely with Paramount to close the transaction and deliver its benefits to all stakeholders."
Why this matters
- The deal size: $110 billion, making it a major media industry transaction.
- Board support: WBD's board unanimously recommends approval, which is significant for shareholder sentiment.
- Competitive process: Warner Bros. Discovery considered multiple options this year before Paramount's improved bid prevailed.
Shareholders will cast their votes on April 23, and if the approval goes through, Warner Bros. Discovery and Paramount will move forward toward closing the transaction and implementing the planned changes.
