Warner Bros. Discovery shareholders approve Paramount Skydance deal
Summary
Warner Bros. Discovery shareholders voted strongly to approve a merger with Paramount Skydance. However, they rejected a pay package for executives that included a large salary for CEO David Zaslav.Key Facts
- Shareholders approved the merger with Paramount Skydance by over 1.7 billion votes in favor and about 16 million against.
- The executive pay package, including at least $500 million for CEO David Zaslav, was rejected by more than 1.4 billion votes against and 307 million in favor.
- The executive compensation vote was non-binding, so payments could still happen if the merger completes.
- David Zaslav has been CEO of Warner Bros. Discovery since 2022 and previously oversaw the acquisition of Warner Media from AT&T.
- Warner Bros. Discovery's stock dropped before Paramount showed interest in buying the company last year.
- Paramount stated that shareholder approval is a key step toward finishing the deal, aiming to close it in the third quarter of this year.
- The merger still requires approval from regulators before it can be completed.
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