The shareholders of Warner Bros. Discovery have approved the planned merger with Paramount by a clear majority, thus clearing a key hurdle for the multi-billion euro deal.

At the same time, the investors sent a critical signal to the management: the extensive remuneration package for CEO David Zaslav was not approved. However, the vote is only of a recommendatory nature and is not legally binding.

The combination of clear support for the strategic transaction and rejection of manager remuneration indicates an ambivalent mood among shareholders: While the deal is seen as sensible, there is apparently growing scepticism towards the company's management and its remuneration.

The vote brings the merger of the two media groups a decisive step closer, although it remains under regulatory scrutiny.