One of the most consequential decisions in Hollywood history is set to be made on April 23, when Warner Bros. Discovery shareholders gather to vote on a $111 billion merger with Paramount that would fundamentally change the streaming landscape as it currently exists.
The vote is scheduled for 10 a.m. Eastern Time and results are expected later that same day. Approval is widely anticipated, though the deal carries several layers of complexity that extend well beyond the shareholder meeting itself.
How the deal came together
The merger was put in motion by Paramount Skydance Global, a company backed by billionaire Larry Ellison’s family. The proposal ultimately prevailed over a competing offer from Netflix, positioning the combined entity as a formidable new force in a streaming market long dominated by a small handful of players.
The offer values the transaction at $111 billion, with WBD shareholders set to receive $31 per share in cash upon completion a premium of 147% above the company’s pre-announcement stock price of $12.54. For shareholders, the choice comes down to accepting that immediate and substantial cash payout or betting on the company’s ability to grow independently in an increasingly competitive market.
The WBD board has unanimously recommended that shareholders vote in favor of the deal. Major proxy advisory firm Glass Lewis followed with its own endorsement on April 10, pointing to the significant premium as a concrete and reliable return compared to the uncertainties facing Warner Bros. Discovery on its own. The company has spent years absorbing considerable streaming losses while competing against Netflix and Disney.
What it means for your streaming subscriptions
If the deal clears all remaining hurdles, the most visible change for everyday viewers will be the consolidation of Paramount+ and HBO Max into a single streaming service, to be called Paramount+ with Showtime. The combined platform would bring together HBO‘s prestige drama catalog, Paramount’s blockbuster film library and CBS’s long running television programming under one subscription.
For consumers, that kind of consolidation raises immediate questions about pricing. Fewer competing platforms typically means reduced pressure to keep subscription costs low, and the merging of two services into one does not automatically translate into savings for subscribers currently paying for both.
From a competitive standpoint, the newly combined entity would enter the market with an unusually deep content library. Properties including Game of Thrones, the Batman and Superman franchises, James Bond, Mission: Impossible and decades of classic film and television would sit on the same platform. Industry analysts have suggested the merged company could credibly challenge Netflix’s subscriber lead within three years, driven largely by that breadth of available content.
The Zaslav payout drawing scrutiny
While approval of the merger itself appears likely, one element of the deal has generated pointed criticism: the departure package for outgoing WBD CEO David Zaslav. Upon completion of the deal, Zaslav stands to receive a package worth as much as $887 million, which includes $34.2 million in severance, $115.8 million in vested stock and $517.2 million in unvested share awards.
Proxy advisory firm ISS took the unusual step of opposing the payout specifically, even while backing the merger overall, calling the compensation disconnected from performance. Supporters of the package argue that Zaslav built the WBD portfolio through a series of major acquisitions that made the current deal possible. Critics see it as a reward for selling a company rather than growing one.
Activist shareholders who had pushed back on the deal’s original terms have largely withdrawn their objections following negotiations that modestly improved conditions for investors.
The road ahead after the vote
A yes vote on April 23 does not complete the merger it only clears the first significant hurdle. Global regulatory bodies still have a role to play, including the UK Competition and Markets Authority and the Federal Communications Commission in the United States, which must determine whether the combined company would violate domestic media ownership rules governing broadcast stations and content distribution.
Several international authorities are also examining whether the deal creates an unhealthy concentration of power in premium content production and distribution. Paramount Skydance has expressed confidence that regulatory approval will follow, though the full process could extend through the remainder of 2026. The company structured its financing through sovereign wealth funds and institutional investors in part to signal the seriousness and stability of the proposal.
If regulators raise significant objections, the company may be required to sell off certain assets or accept operational restrictions before the deal can officially close. For now, all eyes are on what happens at 10 a.m. on April 23.