Warner Bros. and Paramount merger approved

The long-running takeover saga of Warner Bros.

Discovery reached a major milestone as investors cleared the path for a merger with Paramount Skydance.

If finalized, the deal will consolidate major streaming services like HBO Max and Paramount+ and bring CNN and CBS under a single corporate umbrella.

Despite the approval, the merger faces significant scrutiny from federal regulators over antitrust concerns and potential job losses.

Shareholders also issued a symbolic rebuke by rejecting a proposed executive compensation package for CEO David Zaslav.