Warner Bros. Discovery Sets $110B Merger Vote for April 23

Warner Bros. Discovery shareholders are scheduled to vote on a proposed $110 billion merger with Paramount Skydance on April 23, 2026, a move that could unite two major Hollywood studios and reshape the entertainment industry. The special meeting, set for 10 a.m. Eastern Time, follows the company's announcement that it has begun distributing definitive proxy statements to eligible voters, with the board unanimously recommending approval of the transaction.

Under the agreement, Warner Bros. Discovery shareholders would receive $31 in cash per share, representing a 147 percent premium over the company's unaffected stock price of $12.54 before merger speculation began last fall. The deal, which values the enterprise at approximately $111 billion, includes Paramount assuming $33 billion in Warner Bros. Discovery debt, leaving the combined entity with about $79 billion in long-term obligations. If the merger does not close by September 30, 2026, Paramount has agreed to pay shareholders a quarterly ticking fee of 25 cents per share until completion, potentially adding hundreds of millions to the cost.

The path to this agreement involved a competitive bidding process. Warner Bros....