Warner Bros. Discovery (WBD) shareholders approved a $110 billion merger with Paramount Skydance Corporation (PSKY) on April 23, 2026. The transaction is expected to close in the third quarter of 2026 pending regulatory clearances. Both corporate boards and independent proxy advisory firms recommended the deal prior to the vote.
The merger unites major media assets including CBS, Paramount+, CNN, and HBO Max. This combined entity will serve more than 200 million direct-to-consumer subscribers. Management targets over $6 billion in cost synergies within three years of the deal closing.
Senator Cory Booker and other lawmakers raised concerns regarding the merger's impact on market competition and employment. Critics also warned of potential negative consequences for consumer choice following the consolidation.