Warner Bros. shareholders have approved the $110 billion merger with Paramount in a major milestone, according to a preliminary tally from a special meeting held on Thursday.
Shareholders of record as of March 20 were eligible to vote. Warner Bros. had 2.51 billion outstanding shares as of the record date. Full voting results will be disclosed in an upcoming 8-K filing.
Key Terms of the $110 Billion Deal
Under the agreement, Warner Bros. Discovery (WBD) shareholders will receive $31 per share in cash for each share of WBD common stock, representing a 147% premium over the unaffected stock price of $12.54 per share.
Funding Breakdown and Financial Backing
The transaction is backed by a $47 billion equity commitment, including contributions from:
- Three Middle Eastern sovereign wealth funds
- LionTree Investment Fund
These investors will have no board seats or governance rights. The equity financing is further supported by the Ellison family and RedBird Capital Partners.
Additionally, the deal includes $54 billion in debt commitments from major financial institutions:
- Bank of America
- Citigroup
- Apollo
Timeline and Regulatory Path
The merger is anticipated to close by the third quarter of 2024, with executives suggesting a potential July completion if regulatory approval is secured promptly.
If the deal does not close by September 30, WBD shareholders will receive a 25-cent per share quarterly fee until completion. In the event of a regulatory blockage preventing the merger, Paramount will pay WBD a $7 billion termination fee.
Related articles
TV Upfronts 2026: Celebrity-Heavy, AI-Driven, and Sports-Focused Presentations
Typically, upfronts week is an embarrassment of announcements as the biggest names in TV compete for advertiser attention. That wasn’t exactly the cas...
Euphoria Claims No. 1 Spot on Streaming Charts, Ending Netflix’s Reign with HBO Max Victory
The streaming landscape is wide and varied, with something for everyone. In the past few months, the Samba TV weekly Wrap Report streaming chart has i...
Keith Cox, Paramount’s Showtime/MTV Entertainment President, Departs After Two Decades
After 20 years working for Paramount, Keith Cox, the president of Showtime/MTV Entertainment, will be departing the company, TheWrap has learned. Pres...
Business Insider Faces Fourth Consecutive Year of Layoffs Amid Newsroom Reductions
Business Insider is being hit with layoffs for the fourth time in four years. On Thursday, Editor-in-Chief Jamie Heller sent a letter informing Busine...
Barry Levinson Reflects on the Controversial Legacy of 'Sleepers' 30 Years Later
Since Barry Levinson’s directorial debut, 1982’s “Diner,” the filmmaker has had a remarkable run. Through the 1980s and ’90s, he touched a number of g...
AMC+ Secures Doctor Who Streaming Rights: What It Means for Fans and the Franchise's Future
Doctor Who has a new streaming home, but not quite in the way that fans were likely expecting. AMC+ has acquired the streaming rights to the popular s...
NBC Dominates 2025-26 TV Season Ahead of Upfronts 2026-27: Key Takeaways for Advertisers
As the 2025-26 TV season winds down, May’s upfronts week means industry eyes are already on next year, with Hollywood players showing off their upcomi...
Linden Productions CEO Riva Marker on Adapting Plays for Screen and the Art of Letting Go
When Linden Productions CEO Riva Marker first read the script for Aleshea Harris’ “Is God Is,” which came to her as a writing sample, she knew the pla...