Shareholders Approve $110B Paramount–Warner Bros. Merger, Reject Zaslav’s $800M Parachute
Warner Bros. Discovery shareholders voted overwhelmingly to approve the $110 billion merger with Paramount Skydance at $31 per share, aiming for a third-quarter close. They simultaneously rejected CEO David Zaslav’s $800 million severance and stock-award package, highlighting potential regulatory scrutiny over golden-parachute tax gross-ups.
1. Shareholder Approval
Warner Bros. Discovery shareholders cast an overwhelming vote in favor of the $110 billion merger with Paramount Skydance at a special meeting on April 23, endorsing the $31 per share cash transaction slated to close in Q3 pending regulatory clearance.
2. Parachute Rejection
Despite greenlighting the merger, shareholders issued an advisory “no” vote on David Zaslav’s exit package totaling over $800 million in severance, stock awards and a roughly $335 million tax gross-up, reflecting discontent but carrying no binding effect.
3. Regulatory and Closing Timeline
Paramount Skydance must now secure approvals from U.S., European and other regulators, navigating potential antitrust scrutiny and golden-parachute concerns as it targets a deal close by the end of the third quarter of 2026.