Warner Bros Discovery shareholders have approved the company's $111 billion (£82 billion) takeover by Paramount in a deal that could drastically alter the media landscape.
The deal will see the Skydance owner Paramount take control of all of Warner Bros' titles and channels, which include Harry Potter, Game of Thrones, and news network CNN.
With Paramount, we look forward to creating an exceptional combined company that will expand consumer choice and benefit the global creative talent community, revealed Warner Bros chair Samuel DiPiazza.
This merger still requires approval from the US Department of Justice and European competition regulators.
The shareholders' backing of the deal follows a dramatic months-long saga, including an earlier takeover bid for Warner Bros by Netflix, which the streaming service later withdrew after Paramount submitted a rival, higher offer.
Paramount is seeking to become a Hollywood heavyweight, bolstered by backing from tech billionaire Larry Ellison and led by his son David.
Ellison, chief executive and chairman of Paramount and a major Republican donor, is hosting a dinner with Trump on Thursday at the U.S. Institute of Peace in Washington DC. Actor Mark Ruffalo is expected to join protesters outside, demonstrating against what is being called a corruption gala, given the regulatory hurdles that still face the companies.
Trump has repeatedly criticized CNN's coverage and suggested it should be sold as part of the Warner Bros takeover, labeling CNN's management as corrupt or incompetent.
In addition to concerns about CNN's future, many actors and filmmakers oppose the takeover on the grounds it could exacerbate issues plaguing the industry. Over 1,400 individuals, including Emma Thompson, Ben Stiller, and Javier Bardem, signed a letter warning of negative implications for creators and job opportunities within the production ecosystem.
In response, Paramount committed to talent and ensuring creators have more avenues for their work, asserting it does not intend to limit opportunities.
The Warner Bros shareholders' vote to approve the deal will unlock the full value of their entertainment portfolio. If finalized, Paramount will integrate Warner Bros' HBO Max streaming customers and acquire various channels, including the Food Network and Discovery Channel, alongside its existing brands like Nickelodeon and CBS.
Paramount anticipates the takeover to be finalized by September, pending regulatory approval.
