SCOTT DETROW, HOST:
Shareholders of Warner Bros. Discovery voted overwhelmingly today to approve a $110 billion merger with Paramount Skydance. If regulators green-light the deal, media mogul David Ellison will take over Warner. That will include its legacy movie studio, its streaming assets and its cable television channels, including CNN and HBO. In Los Angeles, NPR's Mandalit del Barco has been following the news. Hey, Mandalit.
MANDALIT DEL BARCO, BYLINE: Hey, Scott.
DETROW: So what happened during this shareholder meeting today?
DEL BARCO: Well, the virtual meeting lasted all of 10 minutes. It was very quick. The shareholders' approval had been anticipated but also really feared. A lot of people worry that the consolidation of the two companies could lead to so many problems, including job layoffs and more power for David Ellison's family. Remember, his father, Larry Ellison, the co-founder of the tech company Oracle, is one of the wealthiest men in the world and he's been very friendly with President Trump. So just last week, David Ellison tried to reassure movie theater owners that by combining Warner Bros. and Paramount, each studio would release 15 movies a year. That's 30 new movies every year.
DETROW: I'm curious - does the film industry believe Ellison?
DEL BARCO: Well, some theater owners may remain skeptical, but last week, the chief of the country's largest movie chain, AMC, says he trusts Ellison will make good on his promises. But so many people in the film and TV industry remain and have been actively opposed to this megadeal. I heard from documentary filmmaker Marjan Safinia. She's a organizer of the Future of Film Coalition, which has been working to block the merger.
MARJAN SAFINIA: I think this is a reflection of the times we live in in this country right now. A small group of billionaires want to own everything and control everything and really see the rest of us, the regular working people in this country, as, you know, sort of chattel.
DETROW: I want to ask about one other thing - that's that open letter signed by some notable Hollywood figures opposing the deal. Who was all on that letter?
DEL BARCO: Yeah. So that letter has been signed by more than 4,000 Hollywood actors and filmmakers., including Pedro Pascal, Kristen Stewart and even director Denis Villeneuve. His third "Dune" film will be released by Warner Bros. in December. And, you know, this morning in New York as the shareholders voted, a group of filmmakers protested the deal.
UNIDENTIFIED FILMMAKER #1: Block the merger.
UNIDENTIFIED FILMMAKERS: Block the merger.
UNIDENTIFIED FILMMAKER #2: Woo.
UNIDENTIFIED FILMMAKER #3: Woo.
UNIDENTIFIED FILMMAKER #1: Block the merger.
UNIDENTIFIED FILMMAKERS: Block the merger.
UNIDENTIFIED FILMMAKER #2: Woo.
DEL BARCO: Director David Borenstein was in the crowd, and he signed that open letter. Remember, he won an Oscar this year for his documentary, "Mr. Nobody Against Putin." Here's what he told us afterwards.
DAVID BORENSTEIN: I wasn't surprised that this happened, but I'm ready to keep on fighting. I think for many of us filmmakers, especially those trying to get socially engaged films financed, the house is already burning down. We have very little left to lose, so let's just keep on fighting.
DETROW: Who stands to gain from this merger?
DEL BARCO: One person who definitely could benefit is the current CEO of Warner Bros. Discovery, David Zaslav. With this deal, Zaslav could get a golden parachute worth up to $887 million. I should note that this morning, shareholders rejected a compensation package for Warner Bros. executives, but that vote is nonbinding, meaning the board could still go ahead and pay Zaslav.
DETROW: And real quick, what's the timeline for closing this?
DEL BARCO: Well, Paramount wants to wrap up the deal by September, and they promised to pay a fee to Warner's shareholders for any delays. But this is still not a done deal. Regulators in the U.S. and Europe still have to approve it. And at the state level, California's attorney general, Rob Bonta, and others are looking into possible antitrust violations. Meanwhile, tonight David Ellison is hosting an invitation-only dinner party in Washington, D.C., to honor President Trump.
DETROW: That is NPR's Mandalit del Barco. Thanks so much.
DEL BARCO: Thank you. Transcript provided by NPR, Copyright NPR.
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