Warner Bros. Shareholders Approve $111 Billion Paramount Takeover Deal

Warner Bros. shareholders approved Paramount’s staggering $111 billion takeover — paving the way for a blockbuster merger set to dramatically reshape Hollywood and the broader media landscape.

A vast majority of Warner shareholders approved the deal in a vote held Thursday, according to the Associated Press (AP). Paramount could acquire the entirety of Warner’s catalog, including HBO Max and CNN, for $31 per share.

The deal is worth $81 billion, but including debt, the grand total reaches almost $111 billion.

The merger would unite two of Hollywood’s five remaining legacy studios and bring together the streaming platforms Paramount+ and HBO Max — along with a range of other brands and entertainment networks —under the leadership of Paramount CEO David Ellison.

The massive merger has been met with significant opposition from Hollywood and some Democrats.

Massachusetts Sen. Elizabeth Warren, for instance, posted on X Thursday that, “State attorneys general across the country are stepping up to stop this antitrust disaster. We need to keep up this fight.”

The Paramount-Warner Bros. merger isn’t a done deal.

State attorneys general across the country are stepping up to stop this antitrust disaster.

We need to keep up this fight. https://t.co/v1VEgQ9CAz

— Elizabeth Warren (@SenWarren) April 23, 2026

New Jersey Sen. Cory Booker also blasted the proposed merger at a recent hearing, the AP reported.

Executives, however, argue the merger will offer viewers greater access to content. (RELATED: Netflix Turns Up The Heat With All-Cash Offer To Warner Bros.)

The Paramount-Warner deal is faced with ongoing regulatory reviews, according to the AP. Ellison told filmmakers there will be a guarantee of a 45-day theatrical window. He also set a goal to release 30 movies annually between Paramount and Warner, according to the outlet.

However, regulatory filings suggest cost-cutting measures will be implemented, including layoffs and downsizing in certain areas of overlapping operations, the AP reported. Critics pushed back on claims the merger will benefit consumers, arguing there is a potential for increased prices and limited content diversity.

Hollywood heavyweights, including actors, directors and writers, expressed concern over the chokehold the merger could have on artists in a letter, pointing to the financial repercussions they could face.

President Donald Trump has a relationship with the Ellison family, leading some to speculate on the role of politics in the merger, the AP reported. The Department of Justice and corporate leadership, however, hold that politics will not have influence in the regulatory process.