Warner Bros. Discovery board approves sale to Paramount

The board of Warner Bros. Discovery voted Thursday to sell the sprawling media company to Paramount, a key move that paves the way for the creation of a new company that would serve as one of the largest providers of entertainment, live sports and news in the world.

The vote comes two months after Paramount won a bidding war with Netflix to acquire Warner Bros. Discovery, which had been seeking a buyer for more than a year and was facing looming debt issues amid declining revenues from its linear television assets.

The multibillion-dollar deal, which has already faced scrutiny from Democrats, will need to win approval from President Trump’s Department of Justice to clear.

“Over the past four years, our teams have transformed Warner Bros. Discovery and returned the company to industry leadership,” David Zaslav, president and CEO of Warner Bros. Discovery, said in a statement. “We will continue to work with Paramount to complete the remaining steps in this process that will create a leading, next-generation media and entertainment company.”

The transaction is expected to clear in the third quarter of 2026, the company said.

Paramount is owned by Larry and David Ellison, the billionaire father-son duo who are allies of Trump and have implemented sweeping changes to the news division at CBS, vowing to retool the network’s editorial strategy to cater to a more politically “diverse” audience.

Warner Bros. Discovery owns CNN, a cable news network Trump has sparred with for years. The president has said on multiple occasions in recent months he would like to see CNN operate under new ownership.

The deal would have major implications for the business of moviemaking and television production as well.

In an open letter signed by more than 100 Hollywood actors, directors and producers, entertainment industry workers wrote the sale would “further consolidate an already concentrated media landscape, reducing competition at a moment when our industries—and the audiences we serve—can least afford it.”

Some Democratic state attorneys general have teased a potential legal challenge to the Paramount-Warner Bros. Discovery merger.