Warner Bros. Discovery has scheduled a special shareholder meeting for April 23, 2026, to seek approval for its proposed $111 billion merger with Paramount Skydance, marking a critical step in the transaction process. The deal, unanimously approved by both Boards, would transfer control of WBD’s media and entertainment assets, including HBO, Warner Bros. Studios, and CNN, as well as Discovery+, to Paramount Skydance.
Shareholders are eligible to vote on the proposal, which offers $31.00 per share in cash, representing a substantial premium to the company’s unaffected share price. Paramount will also assume approximately $33 billion of WBD’s debt, resulting in a combined entity with significant leverage, subject to customary regulatory approvals, including antitrust review by the U.S. Department of Justice.
The agreement includes a ticking fee provision that compensates WBD shareholders if the closing occurs after September 30, 2026. Financing arrangements include substantial equity commitments alongside advisory support from leading financial institutions and law firms on both sides. The transaction remains subject to regulatory scrutiny and closing conditions typical of large-scale mergers, with completion targeted for the third quarter of 2026.
