Warner Bros. Discovery Inc. (NASDAQ: WBD) announced it will hold a special shareholder meeting on April 23, 2026, at 10:00 a.m. Eastern Time to vote on its merger with Paramount Skydance Corporation (NASDAQ: PSKY). The company has begun mailing proxy statements to shareholders of record as of March 20, 2026.

Under the merger agreement, WBD shareholders will receive $31.00 per share in cash, representing a 147% premium to WBD's unaffected stock price of $12.54 per share. The transaction has received unanimous approval from both companies' boards of directors and is expected to close in the third quarter of 2026, subject to regulatory clearances and shareholder approval.

If the transaction has not closed by September 30, 2026, WBD shareholders will receive a $0.25 per share quarterly fee until closing. The WBD board unanimously recommends shareholders vote in favor of the merger.

"The WBD Board has been guided by the singular principle of securing a transaction that maximizes the value of our iconic assets and delivers as much certainty as possible to our shareholders," said Samuel A. Di Piazza Jr., chair of the Warner Bros. Discovery board of directors.

David Zaslav, president and chief executive officer of Warner Bros. Discovery, stated the transaction represents "the culmination of the Board's robust process to unlock the full value of our world-class portfolio."

Allen & Company, J.P. Morgan and Evercore are serving as financial advisors to Warner Bros. Discovery, while Wachtell, Lipton, Rosen & Katz and Debevoise & Plimpton LLP serve as legal counsel.