Shareholders Approve Paramount Warner Bros. Deal
Warner Bros. Discovery shareholders voted yes on Thursday.
They approved Paramount's plan to buy the company. The deal is worth about $111 billion.
Next the deal needs approval from regulators. Shareholders also voted against large pay packages for outgoing boss David Zaslav.
Those packages were worth up to $886 million. David Ellison is the tech heir leading the Paramount deal.
President Trump plans to attend a dinner with the Ellison family. The Ellisons are billionaire backers of the deal. Hollywood unions and some state attorneys general have pushed back against it.
Klear Note — Media mergers need government approval to proceed. Hollywood unions worry about job losses when companies combine.
Key Terms 4
- shareholders People who own shares or small pieces of a company
- regulators Government bodies that must approve large business deals
- golden parachute Large payout given to a top boss when they leave a company
- tech heir David Ellison inherited wealth from his tech billionaire father Larry Ellison