The news: Warner Bros. Discovery shareholders officially approved a controversial Paramount Skydance takeover on Thursday. The $111 billion acquisition “overwhelmingly passed,” WBD officials said.

Paramount still needs US and global regulatory approval; the company aims to close the deal by late summer.

Why it matters: Crossing this major milestone gives the proposed merger a key green light, leaving regulators as the last major hurdle. Securing regulatory approval for this deal will likely be much easier than it would have been for a Netflix-WBD tie-up, as CEO David Ellison has close ties to President Donald Trump.

If Paramount receives regulatory approval, the deal will create a media giant with outsized value.