Warner Bros. Discovery shareholders voted today to approve Paramount’s all‑cash acquisition of the company, clearing an important hurdle for one of the biggest media consolidation plays in decades. But this particular procedural hurdle was a notably low one. Why? The shareholder vote was never seen as the hardest part. With board and proxy advisor backing in addition to financial premiums baked into the deal, WBD shareholder approval was widely anticipated.

The real question has always been what comes next: whether this merger ultimately clears the higher regulatory and political hurdles that still stand between today’s vote and a deal close.

The US Is Unlikely To Block This Deal — Regulatory Risk Shifts Overseas

Today’s shareholder vote unquestionably moves the WBD-Paramount deal forward. But it doesn’t yet finish the job. The next phase is about regulatory clearance, timing risk, and political alignment, not investor sentiment.…