The merger will still require governmental approval and could be delayed by a lawsuit seeking to block it
Shareholders of Warner Bros Discovery (WBD) voted “overwhelmingly” to approve the company’s $110bn merger with Paramount Skydance, the parent company of CBS News, on Thursday.
But shareholders voted against generous proposed compensation packages for WBD executives, including a $550m payout to the outgoing chief executive, David Zaslav.
The boards of both WBD and Paramount have already approved the merger, and shareholders were encouraged to approve it as well.
“Today’s stockholder approval is another key milestone toward completing this historic transaction that will deliver exceptional value to our stockholders,” Zaslav said in a statement. “We will continue to work with Paramount to complete the remaining steps in this process that will create a leading, next-generation media and entertainment company.”
