Warner Bros Discovery shareholders have voted to approve a $111 billion (£82bn) takeover by Paramount, in a move that could fundamentally reshape the global entertainment industry. The deal, backed by tech billionaire Larry Ellison and led by his son David, would combine two of Hollywood's four major studios under a single corporate umbrella for the first time, creating what analysts are calling an unprecedented concentration of media power.

If cleared by regulators, the combined entity would control an extraordinary range of assets: Warner Bros' film and television library — including Harry Potter and Game of Thrones franchises — alongside news network CNN, streaming platform HBO Max, the Discovery Channel, and Paramount's existing portfolio of brands including CBS, Nickelodeon and Comedy Central. The deal's ambition was underscored by its competitive origins: Netflix had initially entered a pre-agreement to acquire Warner Bros for around $83 billion, focusing only on its studio and streaming assets, before withdrawing in February after Paramount submitted a broader, higher offer that Netflix declined to match as no longer "financially attractive."

The path to this shareholder vote has been far from smooth. More than 1,400 film and television figures — among them Emma Thompson, Ben Stiller and Javier Bardem — signed an open letter warning the merger would reduce jobs, shrink opportunities for creators, raise costs and limit audience choice. Concerns have also focused sharply on CNN's future under Ellison ownership, given that President Donald Trump, a close ally of the Ellison family, has repeatedly attacked the network and publicly called for it to be sold as part of any Warner takeover. Protesters, including actor Mark Ruffalo, gathered outside a dinner hosted by Larry Ellison for Trump in Washington on Thursday, describing the event as a "corruption gala" given the regulatory approvals still pending. Adding to the controversy, Warner Bros Discovery chief executive David Zaslav stands to receive a departure package estimated at between $551 million and $887 million — what one governance consultant described as potentially one of the largest severance payouts ever recorded.

The deal now faces scrutiny from the US Department of Justice and European competition regulators. Analysts expect relatively limited resistance in Washington given the Ellison family's close relationship with the Trump administration, though Democratic state attorneys general have signalled they will mount legal challenges. Senator Elizabeth Warren called the merger "an anti-trust disaster." Market research firm Forrester suggested the more consequential regulatory pressure will come from Europe, where authorities are expected to focus on structural market impact and could shape both the timing and final terms. Paramount says it expects the transaction to be completed by September, pending those clearances.