In a landmark decision that could reshape the entertainment industry, Warner Bros Discovery shareholders have voted to approve the company's $111bn (£82bn) acquisition by Paramount, the parent company of Skydance.
The deal would hand control of Warner Bros' iconic franchises—including Harry Potter, Game of Thrones, and news giant CNN—to Paramount, which is backed by tech billionaire Larry Ellison and led by his son David.
"With Paramount, we look forward to creating an exceptional combined company that will expand consumer choice and benefit the global creative talent community," said Warner Bros chair Samuel DiPiazza.
However, the merger still requires approval from the US Department of Justice and European competition regulators. The shareholder vote follows a dramatic bidding war, after an earlier offer from Netflix was withdrawn when Paramount submitted a higher bid.
The proposed merger has drawn sharp criticism from Hollywood figures and politicians. Senator Elizabeth Warren called it "an anti-trust disaster," while more than 1,400 actors—including Emma Thompson, Ben Stiller, and Javier Bardem—signed a letter warning it would harm the industry.
Concerns also center on CNN's future, given Ellison's political ties and former President Trump's calls for the network to be sold. Trump has previously described CNN's leadership as "corrupt or incompetent."
If regulators sign off, Paramount would fold Warner Bros' HBO Max streaming customers into its portfolio and acquire assets like the Food Network, Discovery Channel, and various sports offerings. The company expects the deal to close by September.