Shareholders in Warner Bros. Discovery voted overwhelmingly to accept Paramount Skydance's takeover but rejected a $US500 million compensation package for departing chief executive David Zaslav.
The shareholders, in a special meeting, voted to move ahead with Paramount's $US110 billion takeover while also voting to block Zaslav's proposed package.
The package would have included equity awards, cash severance and tax reimbursements.
Shareholders voted 1,444,387,748 against the compensation, compared with 307,742,302 in favour.
Despite the result, Zaslav may still receive his golden ticket as the vote was non-binding.
"Today's stockholder approval is another key milestone toward completing this historic transaction that will deliver exceptional value to our stockholders," said Zaslav.
The merger still requires regulatory clearance before it can proceed.
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