Warner Bros shareholders greenlight sale to Paramount

The deal would combine two major Hollywood studios and bring CBS and CNN under one roof, tightening an already concentrated media landscape, critics say

Warner Bros shareholders greenlight sale to Paramount

Muna Turki with Reuters and AP

3 hours ago3 hours ago

The deal would combine two major Hollywood studios and bring CBS and CNN under one roof, tightening an already concentrated media landscape, critics say.

The merger would bring together two of Hollywood’s remaining five legacy studios.

Warner Bros. Discovery shareholders voted overwhelmingly on Thursday to approve the sale of the company to Paramount.

The deal could reshape Hollywood and the American media landscape, which critics say is already dominated by just a few powerful players.

The European Commission and several US states, including California, are reviewing the merger.

Executives at Paramount say the deal will benefit consumers. https://p.dw.com/p/5CjoB

BusinessUnited States of America

Warner Bros shareholders greenlight sale to Paramount

Muna Turki with Reuters and AP

3 hours ago3 hours ago

The deal would combine two major Hollywood studios and bring CBS and CNN under one roof, tightening an already concentrated media landscape, critics say.

The merger would bring together two of Hollywood’s remaining five legacy studios.Image: Daniel Cole/REUTERS

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Warner Bros. Discovery shareholders voted overwhelmingly on Thursday to approve the sale of the company to Paramount.

The deal could reshape Hollywood and the American media landscape, which critics say is already dominated by just a few powerful players.

The European Commission and several US states, including California, are reviewing the merger.

Executives at Paramount say the deal will benefit consumers.

What does Warner Bros shareholders’ approval mean?

In a preliminary vote count, the Warner Bros. Discovery shareholders approved the previously announced accusition by Paramount. The deal values the company at nearly $111 billion, including debt.  

The transaction is not final, as it still requires regulatory approval and could face legal challenges. 

The merger has been under political scrutiny in the United States. Last week, Democratic senators held a “spotlight” hearing on the deal, raising antitrust concerns about the combined company’s market power.

In Europe, the deal is expected to face fewer regulatory hurdles. The combined company would hold less than 20% market share across European Union markets, reducing antitrust concerns for the European Commission.

The deal follows an unsolicited bid by Paramount for Warner Bros. Discovery, despite an existing agreement with Netflix. The competing offers triggered a bidding battle that ended with Netflix withdrawing