Paramount advances Warner Bros. Discovery acquisition after shareholder approval

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Highlights

Paramount shareholders approved advancing the Warner Bros. Discovery merger, moving the deal a step closer to completion amid ongoing regulatory review.
Regulatory approval remains a hurdle, with analysts expecting a relatively smooth U.S. process but potential resistance from overseas authorities and state attorneys general creating uncertainty around closing timing.
Industry opposition intensifies, with over 4,000 signatories—including Noah Wyle and David Chase—warn the merger may drive job losses, fewer creative opportunities, higher costs, and reduced audience choice.

Employee memo outlines merger progress

As first reported by Business Insider, Paramount CEO David Ellison tells employees in a memo that the shareholder vote marks another important milestone in the effort to combine Paramount and Warner Bros. Discovery into what he describes as a next-generation media and entertainment company.

Ellison says the company continues to engage constructively with regulators and is making progress toward the approvals needed to complete the transaction. He also says the Integration Management Office, led by Tony Driscoll and working with WBD counterparts, is preparing systems, processes and plans for a smooth transition from the first day after closing.

In the memo, Ellison also praises internal operating momentum across the business. He points to "Scream 7" surpassing $200 million globally, "Landman" becoming the most-watched series in Paramount history, strong CBS primetime performance excluding sports, notable results from CBS Sports during March Madness and The Masters Tournament, and the launch of Paramount Global Publishing.

Regulatory path and industry opposition

The merger still depends on regulatory approval, and analysts widely expect the review process in the U.S. to be relatively smooth. Still, the deal could face pushback from overseas authorities or from state attorneys general, leaving uncertainty around the final timetable for closing.

Opposition is also emerging from parts of the entertainment industry. Business Insider says more than 4,000 people sign a letter arguing that the deal would further concentrate the media landscape and could result in fewer opportunities for creators, fewer jobs across production, higher costs and less choice for audiences in the U.S. and abroad.

Among those cited as opposing the transaction are actor Noah Wyle and "The Sopranos" creator David Chase. Their criticism adds to broader concerns that further consolidation could reshape bargaining power and competition across Hollywood.

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