Warner Bros. Discovery shareholders voted overwhelmingly 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 a few powerful players.
The European Commission and several US states, including California, are reviewing the merger.
Paramount executives say the deal will benefit consumers.
What does Warner Bros. shareholder approval mean?
In the initial vote count, Warner Bros. Discovery shareholders approved the previously announced charge by Paramount. The deal values the company at around $111 billion including debt.
The transaction is not final, as it still requires regulatory approval and may face legal challenges.
The merger has been subject to 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 will have less than 20% market share in EU markets, reducing antitrust concerns for the European Commission.
The deal follows an unsolicited bid by Paramount for Warner Bros. Discovery, despite its existing agreement with Netflix. The competing offers triggered a bidding war that ended with Netflix’s withdrawal.
Critics warn that merger will strengthen the media market.
The merger combines two major streaming platforms, Paramount+ and HBO Max, as well as two major Hollywood studios. It brings two of the biggest names in American television news, CBS and CNN, under one company.
Critics of US President Donald Trump fear that CNN, which has often been critical of his administration, could lose its editorial independence under the umbrella of Paramount. Paramount owner David Ellison has been described as a Trump ally.
Opposition to the merger also came from within the film industry. An open letter signed by hundreds of Hollywood celebrities in early April warned that the deal would “further strengthen an already concentrated media landscape, reducing competition at a time when our industry and audiences can least afford it.”
Paramount executives have dismissed those concerns and said the merger will benefit consumers, especially if Paramount+ and HBO Max are combined into a single streaming service.
The deal may also draw additional scrutiny because it involves financing from sovereign wealth funds in Saudi Arabia, Qatar and the United Arab Emirates, raising potential national security concerns.
Warner Bros. expects the deal to close in late 2026.
Edited by: Carl Sexton