WarnerMedia merger approved by Discovery’s shareholders

The merger between Discovery Inc. and WarnerMedia is one step closer to becoming finalized after Discovery announced on Friday that its shareholders had approved the deal. 

“At the Special Meeting of Discovery Stockholders held earlier today, based on estimated preliminary voting results, Discovery stockholders voted to approve the charter amendment proposals, share issuance proposal and the advisory (non-binding) compensation proposal. The approvals mark the completion of one of the few remaining closing conditions for the merger,” Discovery said in a statement.

The shareholders also agreed during their meeting to severance payments for any executives laid off due to the merger, according to The Hollywood Reporter. 

Discovery noted in their statement that both companies’ boards of directors have approved the merger and that the acquisition is set to close in the second quarter of this year. 

The merger does not need the vote from the shareholders of AT&T, WarnerMedia’s current parent company, according to the Reporter.

The Department of Justice and the European Commission both approved the merger last month.

Once the merger is completed, the new company name will be Warner Bros. Discovery, Inc., and it will be headed by Discovery CEO David Zaslav.

The Hill has reached out to WarnerMedia for comment.