Warner Bros. Discovery shareholders approved the company’s proposed merger with Paramount Skydance on Thursday, CNBC reported.
Paramount has offered $31 per share for the entirety of Warner Bros.
Netflix previously had an interest in acquiring part of Warner Bros. but stopped its pursuit in February.
Paramount’s offer includes a $7 billion breakup fee if the proposed merger doesn’t gain regulatory approval. The company also agreed to pay the $2.8 billion breakup fee that WBD owed Netflix for the termination of that agreement.
“Shareholder approval marks another important milestone towards completing our acquisition of Warner Bros. Discovery, building on our successful equity and debt syndications and progress across regulatory approvals,” Paramount said in a statement Thursday.
Paramount and WBD have said the deal is expected to close in the third quarter.
