Warner Bros. Discovery announced today that shareholders will vote on the merger with Paramount Skydance Corporation at a Special Meeting of Shareholders on April 23, 2026.
The vote follows a long battle between Paramount and Netflix to acquire the media company. Netflix, Paramount, and Comcast all submitted nonbinding offers on November 20, 2025. Paramount was initially labeled as the frontrunner in the competition due to its offer for the entire company rather than just the streaming and studios side, but Netflix ultimately made a deal with WBD in December, valuing shares at shares at $27.75. Paramount fought back and, during a 7-day window for discussions with WBD, submitted a revised all-cash offer of $31 per share. Netflix opted not to match the offer, and Warner Bros. Discovery agreed to move forward with Paramount.
“The WBD Board has been guided by the singular principle of securing a transaction that maximizes the value of our iconic assets and delivers as much certainty as possible to our shareholders,” said Samuel A. Di Piazza, Jr., Chair of the Warner Bros. Discovery Board of Directors. “This historic transaction with Paramount not only does that, but it will also expand consumer choice and develop new opportunities for creative talent.”
With the deal, Paramount+ and HBO Max are likely to merge into one streaming service. The companies have commented on the combined service, saying that the goal is to create a platform with enhanced reach, engagement, and monetization, offering consumers more options.
David Zaslav, President and Chief Executive Officer of Warner Bros. Discovery added, “We look forward to the upcoming Special Meeting. This transaction is the culmination of the Board’s robust process to unlock the full value of our world-class portfolio. I want to thank our talented team for transforming the business over the last several years. We are working closely with Paramount to close the transaction and deliver its benefits to all stakeholders.”
According to a press release Thursday morning, the WBD Board unanimously recommends shareholders vote for the Paramount merger.