The $111 billion (£82 billion) acquisition of Warner Bros. Discovery by Paramount, which could significantly change the media landscape, has been approved by the company’s shareholders.
Through the agreement, Paramount, the owner of Skydance, would acquire ownership of all Warner Bros. properties and networks, including CNN, Game of Thrones, and Harry Potter.Samuel DiPiazza, chair of Warner Bros., stated, “We look forward to creating an exceptional combined company with Paramount that will expand consumer choice and benefit the global creative talent community.”
The US Department of Justice and European competition authorities still need to approve the merger. The deal’s support from shareholders comes after a dramatic months-long drama that began with Netflix’s initial acquisition proposal for Warner Bros., which the streaming firm ultimately withdrew after Paramount made a competing, higher offer.
Supported by tech tycoon Larry Ellison and headed by his son David, Paramount aims to become a major force in Hollywood. Trump and Ellison, the chairman and CEO of Paramount and a significant Republican supporter, will have dinner at the U.S. Institute of Peace in Washington, DC, on Thursday.
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