Shareholders again £82m Warner Bros swoop on Paramount – however not boss’s £60bn payout

Warner Brothers Discovery shareholders backed an £82billion merger with Paramount Skydance – but not a £660million payday for its boss.

Most voted in favour of the Hollywood deal that will drastically alter the media landscape.

But they rejected proposals that could see Warner Bros chief executive David Zaslav receive up to £660million if the sale is completed.

The deal faces regulatory hurdles, with authorities in the US and UK set to probe competition concerns. Warner Bros hopes to complete the deal in the third quarter.

Paramount agreed to buy it in February after triumphing over Netflix in a lengthy bid battle. 

Unlike Netflix, Paramount wanted all Warner’s operations, including networks such as CNN and Discovery, as well as HBO Max, DC Studios and titles such as Harry Potter.

Hot shot: Paramount, which is behind Top Gun: Maverick, starring Tom Cruise (pictured), agreed to buy Warner Bros in February after triumphing over Netflix in a bidding battle

It will see them added to Paramount’s CBS and combine two of Hollywood’s last five studios – and it will significantly reshape Hollywood and the media landscape.

Warner Bros films such as Superman and Barbie, as well as TV hits such as Succession, would join Paramount’s library including Top Gun: Maverick and Star Trek.

But there have been concerns that power in the sector has been further concentrated in the hands of a small number of players.