Overview
- The shareholder vote, held Thursday, gave overwhelming approval to the deal valuing WBD at about $110–111 billion and paying $31 in cash per share.
- In a separate advisory item, investors rejected exit pay for CEO David Zaslav and other top executives, though the board is not bound by the vote.
- The merger agreement includes a price bump that increases the per‑share payout if closing slips past September 30, and the companies target completion in the third quarter.
- Government scrutiny now intensifies as the U.S. Justice Department, the U.K. Competition and Markets Authority and European authorities review the merger, while several state attorneys general consider challenges and regulators could demand divestitures.
- Paramount plans about $6 billion in cost savings and is using significant debt financed in part by Saudi, Abu Dhabi and Qatar funds, fueling warnings from unions and thousands of Hollywood signatories about likely layoffs and fewer choices for viewers.