Warner Bros Discovery shareholders have approved its $111bn takeover by Paramount Skydance, but lodged a protest vote against plans to pay chief executive David Zaslav a “golden parachute” potentially worth more than $700mn.
The decision by investors to back the Paramount deal brings a merger that has rocked Hollywood one step closer to fruition. Paramount had been locked in a bidding war with Netflix to acquire WBD since last autumn, finally winning the auction with a knockout bid of $31 a share in February.
“We appreciate the support and confidence our stockholders have placed in us,” said WBD chair Samuel Di Piazza. “With Paramount, we look forward to creating an exceptional combined company that will expand consumer choice and benefit the global creative talent community.”