Overview
- Warner Bros. Discovery investors approved the sale Thursday at $31 per share, valuing the company at about $110 billion including debt and setting up a potential close in the third quarter of 2026 pending approvals.
- In a separate advisory vote, shareholders rejected CEO David Zaslav’s golden‑parachute package, which filings and reports say could reach about $886 million if the deal closes.
- The merger must clear antitrust reviews by the U.S. Justice Department and European authorities, and it could face lawsuits from state attorneys general such as California’s Rob Bonta after protests and an open letter signed by more than 4,000 industry figures.
- Larry Ellison agreed to back roughly $45.7 billion in equity while banks lined up more than $50 billion in debt, and filings say sovereign wealth funds from Saudi Arabia, the UAE and Qatar are investors without governance rights.
- Heavy borrowing and a quarterly ticking fee that rises after September 30 create pressure to cut costs, and analysts warn that could mean layoffs, with EU or UK regulators potentially requiring asset sales or other fixes.