Eve Of Warner Shareholder Vote Sees Protests Against Paramount Merger
Deadline • • general
Key Points:
- Warner Bros. Discovery (WBD) shareholders are set to vote on Paramount's proposed $110 billion acquisition of WBD, with the special virtual meeting scheduled for Thursday at 10 am ET.
- Opposition to the deal is strong, with Senator Cory Booker releasing a critical video and the Writers Guild of America West (WGA) holding a press conference alongside media and antitrust leaders urging shareholders to reject the merger.
- Critics argue the merger would reduce competition, harm writers' jobs and compensation, diminish diversity in storytelling, and increase corporate control over media content, potentially threatening free speech and democracy.
- Paramount CEO David Ellison promises increased production and a tech-driven media company with $6 billion in cost cuts, but opponents remain concerned about potential negative impacts on the industry and political influence.
- The merger still requires approval from antitrust regulators in the U.S., EU, and UK, with hopes expressed that California Attorney General Rob Bonta and others may take legal action to block the deal.
