As well as concerns over CNN’s future, a slew of actors, directors and filmmakers have opposed the takeover on the grounds it could further harm an already struggling industry.
In April, more than 1,400, including Emma Thompson, Ben Stiller and Javier Bardem, signed a letter warning of its impact.
“The result will be fewer opportunities for creators, fewer jobs across the production ecosystem, higher costs, and less choice for audiences in the United States and around the world,” the letter said.
Paramount responded by pledging its commitment to talent and “ensuring creators have more avenues for their work, not fewer”.
Democrat Senator Elizabeth Warren said the deal would be “an anti-trust disaster” and state attorneys general would try to stop it.
“The Paramount-Warner Bros merger isn’t a done deal… we need to keep up this fight,” she said after the announcement.
But Mike Proulx, of market research firm Forrester, said Washington “is likely to rubber stamp the deal”.
“The real regulatory pressure sits overseas, where European authorities will focus on structural market impact. A process that is likely to shape the timing and terms of this deal,” he added.
The Warner Bros shareholders on Thursday voted to approve the deal with Paramount, which DiPiazza said will “unlock the full value of our world-class entertainment portfolio”.
If the deal is approved by regulators, Paramount will fold Warner Bros’ HBO Max streaming customers into its portfolio. It would also take ownership of the Food Network, the Discovery Channel and a range of sports offerings.
Paramount’s traditional networks already include brands such as Nickelodeon, CBS and Comedy Central.
The company said it expects the takeover to be finalised by September, pending regulatory clearances.