Warner Bros Discovery shareholders have approved the $111bn Paramount Skydance takeover, advancing a deal that ended Netflix's bidding war with a $31-per-share knockout bid. The merger brings together two major entertainment players as WBD chair Samuel Di Piazza expresses confidence in creating "an exceptional combined company." Approval comes despite growing resistance in Hollywood circles to the consolidation.

Investors lodged a protest against CEO David Zaslav's potential $700mn golden parachute, rejecting executive pay proposals in a nonbinding vote. Zaslav stands to receive $34.2mn in cash severance, $115.8mn in vested stock, and $517.2mn in unvested share awards. The WBD chief won praise for securing a bid more than triple the company's share value from a year prior.

The deal now faces regulatory scrutiny from the US Department of Justice and European authorities. Hollywood opposition continues to mount with over 1,000 creatives including Glenn Close and Ben Stiller signing an open letter against the merger. Concerns focus on potential job cuts and reduced creative options, despite Paramount's commitment to releasing at least 30 films annually in theaters.