Shareholders of Warner Bros. Discovery gave their blessing. On April 23 they voted overwhelmingly to accept Paramount Skydance’s $110 billion offer. The cash deal at $31 a share values the company at roughly $81 billion in equity. Yet that approval marks only one checkpoint in a transaction that has already triggered lawsuits, record debt financing and fresh antitrust scrutiny. David Zaslav, Warner Bros. Discovery’s chief executive, called the vote “another key milestone toward completing this historic transaction that will deliver exceptional value to our stockholders.” Yahoo Finance captured the immediate market reaction. Paramount Skydance shares slipped as investors weighed the scale of the combined entity’s obligations. The path to this moment began months earlier. After Skydance completed its own merger with Paramount Global in 2025, the newly formed company turned its attention to Warner Bros. Discovery. Initial overtures in September 2025 led to a formal auction.…