LEXINGTON, Ky. — Warner Bros. Discovery shareholders have overwhelmingly approved a sale to Paramount Global in a deal valued at $81 billion, according to LEX 18 News. The preliminary vote count released Thursday showed strong shareholder support for selling the company at $31 per share, with the transaction valued at nearly $111 billion including debt.

The merger would combine two of Hollywood's five remaining legacy studios and merge major streaming platforms HBO Max and Paramount+, along with cable news operations CNN and CBS. The deal still requires regulatory approval, with Warner Bros. expecting closure in the third fiscal quarter.

However, the merger has faced significant opposition. Thousands of entertainment industry professionals, including actors, directors and writers, have publicly opposed the consolidation, arguing it will lead to job losses and reduce creative opportunities. Jane Fonda's Committee for the First Amendment called the shareholder vote a setback but said the fight continues over who should control American media and storytelling.

Paramount, owned by Skydance Media, launched a hostile bid for Warner after the company's board repeatedly backed a competing $72 billion offer from Netflix. Netflix eventually withdrew from the bidding war, clearing the path for Paramount's higher offer.

Democratic Senator Cory Booker held a spotlight hearing on the merger in Washington last week, emphasizing concerns about corporate consolidation and control of news and entertainment. California Attorney General Rob Bonta has said his state is investigating the transaction.

Paramount CEO David Ellison has attempted to assuage industry concerns by guaranteeing a 45-day theatrical window for films and committing to release 30 movies annually between the combined studios. Company executives argue the merger will benefit consumers through larger content libraries and cost efficiencies.

Critics remain skeptical, warning of potential price increases for streaming services and reduced content diversity. Regulatory filings indicate the combined company plans layoffs and operational consolidation. Questions have also surfaced regarding political influence, particularly after Paramount appointed Free Press founder Bari Weiss as CBS News editor-in-chief under Skydance ownership.

Paramount has secured financing from sovereign investment funds including Saudi Arabia's Public Investment Fund and funds from the United Arab Emirates and Qatar, though these investors will not have voting rights. Shares of both Paramount and Warner Bros. slipped following Thursday's vote announcement.