Warner Bros. approves Paramount merger

The approval of the Warner-Paramount merger clears a massive hurdle for the creation of a new entertainment juggernaut.

While the sale was endorsed, shareholders issued a sharp rebuke by rejecting CEO David Zaslav's proposed $886 million 'golden parachute' compensation package.

The deal now moves to regulatory review in both Washington and London, where officials will examine its impact on market competition.

If finalized, the merger would represent the largest consolidation in Hollywood history.