Warner Bros Discovery shareholders voted on Thursday to approve the $111bn takeover by Paramount, according to multiple reports. The deal will see Skydance owner Paramount take control of all Warner Bros' titles and channels, including Harry Potter, Game of Thrones, and CNN. If approved by regulators, Paramount will fold Warner Bros' HBO Max streaming customers into its portfolio and take ownership of Food Network, Discovery Channel, and sports offerings.
The deal still requires approval from the US Department of Justice and European competition regulators. An earlier takeover bid for Warner Bros by Netflix was withdrawn after Paramount submitted a rival, higher offer. Paramount is backed by tech billionaire Larry Ellison and led by his son David. David Ellison is hosting a dinner with President Donald Trump on Thursday at the U.S. Institute of Peace in Washington DC. Hulk actor Mark Ruffalo is expected to join protesters outside the building to demonstrate against what organisers have described as a 'corruption gala'.
Protesters have raised concerns about how the Ellisons' ownership of CNN will impact the news network. Trump has frequently attacked CNN over its reporting of his policies. In December, Trump said he believed CNN should be sold as part of any Warner Bros takeover. He called CNN's bosses 'corrupt or incompetent' and said they should not be entrusted to run the network.
A slew of actors, directors, and filmmakers have opposed the takeover on the grounds it could further harm an already struggling industry. In April, more than 1,400 people, including Emma Thompson, Ben Stiller and Javier Bardem, signed a letter warning of the takeover's impact. Paramount responded by pledging its commitment to talent and ensuring creators have more avenues for their work.
It remains unclear whether the US Department of Justice and European regulators will approve the deal, and what specific conditions they might impose. Questions also persist about how the Ellisons' ownership will affect CNN's editorial independence, and whether the deal will lead to significant job losses or reduced content production. The timeline for regulatory decisions has not been announced.