WBD shareholders back Paramount Skydance deal, reject $500M Zaslav pay
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- Warner Bros. Discovery shareholders approved the Paramount Skydance merger by an overwhelming margin on Thursday, with over 1.7 billion votes cast in favor versus roughly 16.3 million against
- Shareholders rejected the executive compensation package by a wide margin, with more than 1.4 billion votes against versus 307.7 million in favor, each share entitled to one vote
- David Zaslav stood to earn at least $500 million under the rejected pay package, which covered executives at the company Zaslav has led since 2022 after overseeing the acquisition of Warner Media from AT&T
- The compensation vote was advisory and non-binding, and the source notes executives could still receive the outlined payments if the deal closes regardless of the shareholder outcome
- Paramount Skydance called the approval "another important milestone" and said it looks forward to closing "in the coming months" to create "a next-generation media and entertainment company"
- WBD said the deal still requires regulatory approvals and is expected to close in the third quarter of 2026
Why it matters: The lopsided merger vote (1.7B yes vs. 16.3M no) removes a major shareholder-side obstacle, but the 1.4B-vote rejection of Zaslav's $500M+ pay package signals deep investor discomfort with executive compensation — even though the vote is non-binding and the pay can still go through. With regulatory approval still pending, Q3 2026 remains the target close.
