New Delhi, April 23 -- Shareholders of Warner Bros. Discovery have approved a proposed merger with Paramount Global and Skydance Media, advancing a deal that could significantly reshape Hollywood and the global media industry.

According to preliminary vote counts released on Thursday (April 23), a strong majority of Warner Bros. Discovery shareholders supported the sale of the company at $31 per share. Including debt, the transaction is valued at nearly $111 billion, marking one of the largest media mergers in history.

The deal would see Skydance-backed Paramount acquire Warner's entire business, bringing together a vast portfolio of assets under one roof.

If completed, the merger would combine major entertainment and media brands, inc...