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Hollywood x Wall Street is wild! Just a few short months ago, the Netflix acquisition of Warner Bros. studios, movie, and TV arms seemed like a done deal. Then came the time of the Ellisons. Now, that deal has evaporated and been replaced with a deal for all of Warner Bros. Discovery, merging it with Paramount Skydance to create an entertainment behemoth.
In the process, one of Hollywood’s grandest, oldest studios changes hands and may never be the same again. 1,000 actors have already come out against the deal. Well, hard cheese F.A.G., as you don’t seem to get a say.
On Tuesday morning of this week, in an extraordinary general meeting, the shareholders of Warner Bros. Discovery gave the green light to Paramount Skydance’s $110 billion deal.
However, there was a sting in the tail, according to The Hollywood Reporter.
The shareholders also voted to reject WBD CEO David Zaslav‘s compensation package that will see him make $886 million if the deal closes.
This would make him the recipient of one of the largest golden parachutes in history. This is a symbolic message to the board, as shareholder votes on pay are non-binding.
Paramount CEO David Ellison will now go into bat with regulators and commissions to close the deal.
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