The largest media merger in years is moving closer to completion.

Shareholders of Warner Bros. Discovery voted on Thursday to approve the company's acquisition by Paramount Skydance. This union will bring two of Hollywood's oldest film studios under the same corporate umbrella, reshaping the landscape of the American entertainment industry.

The affirmative vote from WBD shareholders was widely anticipated after the boards of both entertainment giants unanimously supported the monumental $110 billion deal.

WBD Chief Executive Officer David Zaslav stated, "Shareholder approval is another critical milestone toward completing this historic transaction, which will deliver exceptional value for shareholders."

Paramount Skydance's offer of $31 per share values WBD at approximately $77 billion. The acquisition includes the Warner Bros. film studio, the HBO Max streaming platform, and a portfolio of cable channels such as CNN, TBS, and TNT.

Following the merger, the combined entity will possess an extensive library of intellectual property, ranging from Paramount's assets like "The Godfather" and "SpongeBob SquarePants" to WBD's holdings including "Casablanca" and the "Harry Potter" series.

However, the deal still requires approval from U.S. antitrust regulators at the Department of Justice. Additionally, California Attorney General Rob Bonta is conducting an investigation into the transaction, which could lead to a separate legal challenge.

The deal is also facing increasing opposition from Democratic lawmakers, including Massachusetts Senator Elizabeth Warren and New Jersey Senator Cory Booker, as well as prominent figures from the Hollywood creative community.

Over 4,000 actors, directors, writers, and producers have signed a public letter strongly opposing the merger, arguing it would harm an "industry already under immense strain, a situation largely created by previous rounds of consolidation."

The signatories wrote in the letter, "This deal will further exacerbate an already highly concentrated media landscape and reduce competition at a time when our industry and the audiences it serves can least afford it."

Paramount Skydance has pushed back against these claims, insisting that the merger "enhances consumer choice and market competition, creating more opportunities for creators, audiences, and the communities in which they live and work."

Paramount CEO David Ellison has sought to reassure film industry professionals, committing to a minimum 45-day theatrical window for films and a combined annual output of 30 movies from the two studios. He stated that Warner Bros. Pictures would continue to operate independently.

The 43-year-old Ellison is the son of Oracle co-founder Larry Ellison, who is a close ally of former President Donald Trump. Trump has publicly praised the Ellison family and called for a change in ownership of CNN, raising concerns from Senator Warren about potential "political favoritism."

The head of the DOJ's Antitrust Division stated in a March interview with Reuters that Paramount Skydance would "absolutely not" receive preferential treatment due to political considerations.

Acting Assistant Attorney General Omeed Assefi said, "The notion that enforcement is politicized is absurd."

In the bidding war for WBD, Ellison and his investors outmaneuvered Netflix, which withdrew from the competition against Paramount Skydance in late February.

However, Netflix did not walk away empty-handed. Securities and Exchange Commission filings show that Paramount Skydance paid the streaming giant a $2.8 billion termination fee.