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The two companies signed the paperwork for the deal in February, which will see Paramount acquire Warner Bros., but it still needs final approval from the Trump administration before it can go through.
The Department of Justice said it determined that Paramount Skydance's $111 billion acquisition of Warner Bros. Discovery is not likely to harm competition.
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Hollywood has been working to scrap Paramount Skydance's potential merger with Warner Bros. Discovery.
Warner Bros. Discovery shareholders on Thursday voted "overwhelmingly" in favor of the merger with Paramount Skydance, clearing a critical hurdle. - Yes, but: Shareholders did not approve the executive compensation package presented at the meeting. Why it matters: The executive compensation package would have seen CEO David Zaslav earning at least $500 million. Zoom in: More than 1.4 billion votes were cast against the compensation proposal, versus the 307.7 million in favor. Each share of WBD common stock is entitled to one vote. - The compensation proposal was an advisory, non-binding vote and not a condition for completion of the deal. - The executives could still earn the payments outlined in the package if the deal closes,…
The Warner Bros. Discovery board just voted to sell its entire company to Paramount Skydance, ending a monthslong battle with Netflix. Netflix withdrew its bid in February after declining to raise its offer to match Paramount. Warner Bros. Discovery includes CNN, HBO Max, etc. The approval paves the way for a new mega-company that would provide one of the biggest sources of live sports, entertainment and news. Is this final?: Well, the multi-billion-dollar deal will first need to win approval from President Trump’s Department of Justice. And there are some potential regulatory challenges. Keep in mind that Paramount is owned by Larry and David Ellison, who are allies of President Trump. Timing: Warner Bros. Discovery expects the deal to…
Paramount CEO David Ellison must now make his case to regulators and a wary Hollywood that the merger is good for the industry.
As the sale of Warner Bros. Discovery to Paramount Skydance hurtles toward board approval, David Zaslav is about to be more than an accidental mogul.
Animosity from the White House has taken on new meaning amid an imminent sale to David Ellison’s Paramount Skydance, fueling anxiety among journalists.
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White House officials are outraged over CBS' hiring of Jeremy Adler, a communications executive who previously worked for former Rep. Liz Cheney. - Adler will join CBS News' communications team, according to two people familiar with the move. Why it matters: Cheney was one of President Trump's biggest foils during his first term, after which she led the House's probe into the Jan. 6 Capitol siege. What they're saying: "The idea CBS would hire Liz Cheney's flack who has worked to jail President Trump and make it impossible for anybody who supported the president to get hired is insanity. What the hell is Bari Weiss thinking?" a White House official tells Axios. - CBS did not comment. Zoom out: The hiring adds to existing tensions between…
Netflix co-CEO Ted Sarandos never met with President Trump or any White House officials last week when he visited Washington, according to sources familiar with the engagement. - Sarandos was informed shortly after arriving at the White House that his meeting was canceled because of a last-minute scheduling conflict, and then he promptly left the building. Why it matters: Media onlookers were quick to speculate that Sarandos' meeting at the White House on Thursday prompted Netflix to drop out of the bidding war for Warner Bros. Discovery. - But Netflix had already determined at that point that it wouldn't up its bid, Sarandos told Bloomberg. - Trump talked to Sarandos on the phone later that evening after Netflix had already announced…