The fight over the Paramount–Warner Bros. Discovery merger just entered a new phase—and the opposition is officially playing from behind.
Despite a wave or protests from Hollywood figures and political voices in the days leading up to the vote, Warner Bros. Discovery shareholders have now approved the company’s acquisition by Paramount Skydance. The decision clears a major hurdle for what could become one of the most consequential media consolidations in years.
The approval shifts the conversation from whether the deal will happen to whether anyone can still stop it. Whether or not they can, it certainly appears as though they’re going to try.
In an open letter signed by thousands of industry professionals last week, critics argued that the merger would “prioritize the interests of a small group of powerful stakeholders over the broader public good.” Among the stars opposing the Paramount and Warner Bros. merger are Ben Stiller, Kristen Stewart, Joaquin Phoenix, and Pedro Pascal.
Joaquin Phoenix as Arthur Fleck in Joker: Folie à Deux (2024), Warner Bros. Pictures
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Protests against the proposed merger between Paramount and WBD stretched from New York to Washington to Hollywood, unfolding both online and in public gatherings.
Shareholders Approve Deal, Shifting the Battlefield
Warner Bros. Discovery shareholders voted Thursday to approve Paramount Skydance’s $31-per-share offer, valuing WBD at roughly $77 billion as part of a broader transaction estimated at $110 billion.
“Today’s stockholder approval is another key milestone toward completing this historic transaction that will deliver exceptional value to our stockholders,” WBD CEO David Zaslav said, framing the vote as a step toward delivering long-term value to investors.
WBD CEO David Zaslav Speaks at a New York Times event – YouTube, New York Times Events
The combined company would bring together an enormous portfolio of film, television, and streaming assets—from The Godfather and SpongeBob Squarepants to Harry Potter and Casablanca—under one corporate umbrella.
But while the shareholder vote resolves the internal question, it does not finalize the deal. Federal regulators and potential legal challenges now stand as the last major obstacles.
Political and Industry Opposition
Sen. Cory Booker released a 13-minute video titled Warner Bros-Paramount Merger, the Corporate Propaganda Monopoly: Ellison Media Cartel DEEP DIVE.
“We’ve already seen … case after case of people saying, before the merger, oh, we’re not going to do this. Oh, we’re not going to do that,” Booker said, implying Paramount’s David Ellison may change course after assuming leadership. “And then after the merger, that big corporation turns around, does exactly what they said they wouldn’t do.”
Sen. Cory Booker – The Late Show with Stephen Colbert, YouTube
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Meanwhile, Michele Mulroney, president of the Writers Guild of America West, held a Zoom press conference titled Rejecting the Paramount Skydance Bid: Why WBD Shareholders Must Vote ‘No’. She was joined by former FTC commissioner Alvaro Bedoya and former CNN chief White House correspondent Jim Acosta.
“A merger would fundamentally threaten the diversity of storytelling, diminishing American culture and our democracy by increasing the power of gatekeepers to decide whose stories get told,” Mulroney said. Her statement echoed a theme in the earlier open letter, which framed the merger as more than an economic threat. It also presented it as a challenge to democracy itself.
Jack Black as Jeff Portnoy, Robert Downey Jr. as Kirk Lazarus, and Ben Stiller as Tugg Speedman in Tropic Thunder – Paramount
Additionally, Jane Fonda’s Committee for the First Amendment announced plans for protests outside WBD office in New York. Scheduled speakers include NYC Public Advocate Jumaane Williams, former NYC Comptroller Brad Lander, and Oscar-winning documentarian David Borenstein.
Critics also point to the broader trend of media consolidation, arguing that as fewer companies control more content, the range of perspectives available to audiences may narrow.
Support and Corporate Response
David Ellison in an interview with Bloomberg – YouTube, Bloomberg Podcasts
The studio has also reaffirmed its commitment to “a minimum of 30 high-quality feature films annually with full theatrical releases, continuing to license content, and preserving iconic brands with independent creative leadership —ensuring creators have more avenues for their work, not fewer.”
Outcome and What Comes Next
Ultimately, protests against Paramount’s merger with WBD failed to sway shareholders. During a special virtual meeting Thursday morning, shareholders voted to accept the $31 per-share offer from Paramount. The deal still requires government regulatory approval, so protests will likely continue.
The shareholder vote settles the immediate question, but not the broader debate. Supporters see a stronger, more competitive studio, while critics remain wary of consolidation’s long-term impact. As regulators review the deal, the tension between scale and creative independence is likely to persist. What happens next may shape not just this merger, but the direction of the industry itself.
How do you feel about the WBD Paramount merger protests? Let us know in the comments!
