Warner Brothers Discovery board approves sale to Paramount

The board of Warner Brothers Discovery voted on Thursday to sell the sprawling media company to Paramount, a key move that paves the way for the creation of a new company that would serve as one of the largest providers of entertainment, live sports and news in the world.

The vote comes two months after Paramount won a bidding war with Netflix to acquire Warner Brothers Discovery, which had been seeking a buyer for more than a year and was facing looming debt issues amid declining revenues from its linear television assets.

The multi-billion dollar deal, which has already faced scrutiny from Democrats, will need to win approval from President Trump’s Department of Justice to clear.

“Over the past four years, our teams have transformed Warner Bros. Discovery and returned the company to industry leadership,” David Zaslav, president and chief executive officer of Warner Brothers........

© The Hill