Warner Bros. Discovery (WBD) shareholders have voted to approve the company’s proposed merger with Paramount Skydance.

The approval was granted at a meeting on Thursday, at which stockholders “overwhelmingly” backed the previously announced transaction. 

The deal is expected to close in the third quarter of 2026, subject to regulatory approvals and other customary conditions.

The chairman of WBD, Samuel A. Di Piazza Jr., said “We appreciate the support and confidence our stockholders have placed in us to unlock the full value of our world-class entertainment portfolio.”

He added that with Paramount and WBD looked forward to creating an “exceptional combined company that will expand consumer choice and benefit the global creative talent community.”

The Chief Executive David Zaslav described the vote as a key milestone in completing what he termed a “historic transaction,” adding that the company would continue working with Paramount to finalise the remaining steps.

“Today’s stockholder approval is another key milestone toward completing this historic transaction that will deliver exceptional value to our stockholders,” Mr Zaslav said.

The proposed merger is part of Paramount Skydance’s plan to acquire WBD, aiming to combine its film, television, and streaming assets. 

The transaction started after Netflix withdrew from its $82.7 billion bid for WBD in February, opting not to match Paramount Skydance’s improved offer, which the company’s board deemed a “superior proposal.” 

The deal has drawn strong opposition from across Hollywood. 

On April 13, more than 1,000 Hollywood writers, actors, and directors signed an open letter, warning that the merger could reduce competition, limit creative opportunities, and concentrate power in the hands of a few media companies.