The shareholders of Warner Bros. Discovery have handed out a green light, voting to approve Paramount Skydance’s $110 billion mega-deal on Tuesday morning, according to THR.
However, the same shareholders rejected WBD CEO David Zaslav‘s lucrative compensation package, which will see him net up to $886 million if and when the deal closes.
The move is seen largely as a symbolic message to the board, as shareholder votes on pay are non-binding and can’t be enforced. Zaslav is reportedly receiving one of the highest golden parachute estimates ever.
The votes are preliminary, but the company’s secretary said shareholders have ‘overwhelmingly’ voted to approve the merger.
That means Paramount CEO David Ellison now must clear the remaining regulatory hurdles to close the deal and combine two of Hollywood’s legacy studios – bringing the likes of Paramount, Warner Bros., HBO Max and Paramount+ all under one roof.
The deal has drawn scepticism from Hollywood which worries that the consolidation will mean fewer opportunities.
