Shareholders in Warner Bros Discovery have “overwhelmingly” approved the company’s $111bn takeover by rival Paramount.
A months-long battle to control the future of WBD, which includes HBO Max, the Warner Bros studio, CNN and DC Comics, concluded in February when Netflix declined to match Paramount’s bid for the company.
The David Ellison-controlled studio had made a series of bids for the company before finally securing the WBD Board’s backing.
In addition to shareholder approval, which was given at a specially convened meeting, the deal is subject to securing the go-ahead from regulators in the US, UK, EU and other key markets.
Paramount has said it expects the deal to conclude in the third quarter of the year.
David Zaslav, President and Chief Executive Officer of Warner Bros. Discovery, said: “Over the past four years, our teams have transformed Warner Bros. Discovery and returned the company to industry leadership.
“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.”