Warner Bros Discovery shareholders approve Paramount deal but reject executive pay

Warner Bros Discovery shareholders approve Paramount deal but vote against executive compensation packages

Warner Bros Discovery shareholders have overwhelmingly approved the proposed $111 billion merger with Paramount Skydance.

The vote marks a major step forward in one of the largest media deals in recent years.However, investors simultaneously voted against the executive compensation packages tied to the transaction, signalling concerns over leadership payouts.

According to Variety, the shareholder vote supports the acquisition, which would see Paramount Skydance take control of Warner Bros Discovery’s extensive portfolio, including HBO, Warner Bros studios and CNN. The deal remains subject to regulatory approvals in the United States and Europe.

Despite backing the merger, shareholders rejected the exit compensation packages for CEO David Zaslav and other senior executives. The advisory vote is non-binding, meaning the company’s board can still proceed with the payouts, but it reflects growing dissatisfaction among investors.

Zaslav’s compensation package is reported to exceed $550 million, including cash severance and equity in the combined company. Additional tax reimbursements could significantly increase the total value. Other top executives are also expected to receive substantial payouts, with several packages reaching into nine-figure sums.

The merger has drawn scrutiny beyond shareholders, with opposition from political figures and industry groups raising concerns about competition and potential job losses. Lawmakers and unions have warned that the deal could lead to significant restructuring across the media landscape.

If approved by regulators, the merger would combine major entertainment assets under a single entity, positioning the company as a dominant force in global media. Paramount has projected billions in cost savings, indicating potential operational changes ahead.

The deal represents a significant shift in the entertainment industry as consolidation continues to reshape the streaming and media sectors.