Warner Bros. Discovery (WBD) shareholders voted to sell the company to Paramount Skydance for $31 a share in cash, a key hurdle in advancing the deal. The merger, announced February 27, will give WBD an equity value of $81 billion and an enterprise value of approximately $110 billion. However, compensation for CEO David Zaslav, who will earn over $500 million and potentially rise to $800 million depending on several variables, was rejected by shareholders. The deal is expected to close in the third quarter of 2026, pending regulatory approval. Major ratings agencies Fitch and S&P have Paramount debt at junk status as the merger undergoes final review.