Warner Bros. Discovery shareholders have signed off on Paramount’s massive takeover—but they drew a clear line when it came to executive payouts.
According to Variety, investors overwhelmingly approved Paramount’s $111 billion acquisition of Warner Bros. Discovery, voting in favor of the $31-per-share deal that will hand control of the company to Paramount Skydance. At the same time, a majority of shareholders rejected the proposed exit compensation packages for CEO David Zaslav and other top executives.
Notably, the vote on compensation is advisory, meaning it does not block the payments.
Still, the margin was decisive and reflects growing pushback from investors. According to company filings, Zaslav’s exit package is valued at more than $550 million, including $34.2 million in cash severance and over $500 million in equity tied to the combined company. Additional tax reimbursements could push that figure even higher.
“This is another key milestone toward completing this historic transaction,” Zaslav said in a statement following the vote, pointing to the approval as a step toward creating what he described as a “next-generation media and entertainment company.”
Paramount echoed that message, calling the vote “an important milestone” as it works toward closing the deal in the coming months.
The acquisition will combine Paramount’s assets—including CBS, Paramount Pictures, and Paramount+—with Warner Bros. Discovery’s portfolio, which includes HBO, CNN, DC Studios, and Warner Bros.’ film and television operations. Paramount has said it expects to generate $6 billion in cost savings from the merger, largely through operational overlap.
The shareholder vote comes after a prolonged, highly publicized bidding battle that initially involved Netflix. The streaming company had reached a deal to acquire Warner’s studio and streaming businesses, but declined to increase its offer when Paramount raised its bid to $31 per share for the entire company.
Netflix ultimately walked away, later explaining that the deal no longer made financial sense at the higher price. That decision cleared the path for Paramount to secure board approval and, now, shareholder backing.
The transaction has continued to draw scrutiny beyond investors. Lawmakers have called for regulatory review of foreign financing tied to the deal, and industry groups have raised concerns about consolidation.
