WBD Merger Approved

Warner Bros. Discovery shareholders approved a preliminary merger vote with Paramount Skydance at $31 per share following a bidding war with Netflix and Comcast. Netflix exited after Paramount raised its offer in February. The deal includes a $7B breakup fee if regulators block it, and Paramount will pay a $2.8B fee owed to Netflix. The companies expect to close in Q3 pending regulatory approval.