Warner Bros. Discovery ($WBD) shareholders voted to approve the company’s proposed merger with Paramount ($PARA), while rejecting Chief Executive David Zaslav’s compensation package. The $110 billion deal remains subject to antitrust review in the U.S. and Europe before it can close.
- Paramount agreed in February to acquire Warner Bros. for $110 billion after outbidding Netflix.
- Warner Bros. shareholders are set to receive $31 in cash per share if the deal closes.
- The agreement includes a 25-cent-per-share quarterly ticking fee starting after Sept. 30 if closing is delayed.
- Shareholders voted against Zaslav’s pay package, which included accelerated equity awards and potential tax reimbursements.
- ISS had urged investors to reject the compensation plan, citing the scale of the proposed payout.
- The merger has drawn opposition from thousands of actors, writers, and directors concerned about consolidation and job losses.
- Paramount would owe a $7 billion termination fee if regulators block the deal.
Relevant Companies
- Warner Bros. Discovery ($WBD) – Shareholders approved the sale while rejecting the CEO compensation package.
- Paramount ($PARA) – Buyer in the proposed $110 billion merger, which still faces antitrust review.
- Netflix ($NFLX) – Was the losing bidder in the takeover contest for Warner Bros.
Editor’s Note: This is a developing story. This article may be updated as more details become available.
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