Warner Bros. Discovery (WBD) shareholders have approved the merger deal between WBD and Paramount. However, they have expressed dissatisfaction with the payout proposed for WBD co-CEO David Zaslav. The Warner Bros. Discovery and Paramount merger is currently valued at $110 billion.
Warner Bros Discovery recently announced that shareholders have approved the company’s $110 billion merger deal with Paramount. The shareholders have agreed on the sale at $31 per share in cash.
It was also revealed that the transaction between the two giants will take place in Q3. Samuel A. DiPiazza Jr, chairperson of Warner Bros. Discovery, expressed his excitement about the deal and stated, “We appreciate the support and confidence our stockholders have placed in us to unlock the full value of our world-class entertainment portfolio.”
He further conveyed that Warner Bros. and Paramount together will strive to create “an exceptional combined company that will expand consumer choice and benefit the global creative talent community.”
WBD CEO David Zaslav’s payout faces backlash
Although shareholders voted in favor of the merger between Warner Bros. Discovery and Paramount, they were seemingly dissatisfied with the massive payout David Zaslav was set to receive.
According to a report by Deadline, the shareholders’ vote stood at 82 percent against the compensation and 17 percent in favor of the payout. The outlet further suggested that the payout could have been around $886 million.
Following the shareholders’ meeting, Zaslav commented, “Today’s stockholder approval is another key milestone toward completing this historic transaction that will deliver exceptional value to our stockholders. We will continue to work with Paramount to complete the remaining steps in this process that will create a leading, next-generation media and entertainment company. Over the past four years, our teams have transformed Warner Bros. Discovery and returned the company to industry leadership.”