The deal, which combines two of Hollywood's last five major studios, is expected to significantly reshape the media landscape. Shareholders voted down proposals that could have seen Warner Bros chief executive David Zaslav receive up to £660 million if the sale is completed, according to multiple reports.
The merger now faces regulatory hurdles in the US and UK, though the specific concerns under investigation have not been disclosed. Warner Bros hopes to complete the deal in the third quarter, but the exact timeline for regulatory review remains unclear. Paramount agreed to buy Warner Bros in February after outbidding Netflix in a competitive auction.
The combined entity will control a vast library of film and television content, raising questions about its impact on competition in streaming and distribution. Analysts expect regulators to scrutinise potential market dominance and may require concessions before approval.