Warner Bros. and Paramount's $81 billion merger has received shareholders' approval, paving the way for a major media merger that could reshape Hollywood. The majority of Warner Bros. Discovery shareholders voted in favor of selling the entire business to Paramount for $31 a share, a deal that is estimated to be worth nearly $111 billion. The merger would bring together two of Hollywood's remaining five legacy studios, HBO Max, and other major streaming platforms. However, ongoing regulatory reviews remain. Critics have expressed concerns about consumer benefits and higher prices for streaming services. The acquisition is expected to close in the third fiscal quarter.