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Warner Bros Discovery shareholders have given the green light to the firm’s 110 billion US dollar (£81.4 billion) takeover by Paramount Skydance in a move paving the way for a deal set to shake up Hollywood.

The overwhelming majority of Warner Bros shareholders voted in support of selling the entire business to Paramount for 31 US dollars (£23) a share, the company said.

But there are still regulatory hurdles for the deal to face, with authorities in the US and UK set to investigate any competition concerns.

Warner Bros is hoping to complete the agreement during the third quarter.

Paramount agreed to buy Warner Bros in February after triumphing over Netflix in a lengthy bidding battle.

Unlike Netflix, Paramount bid to buy all of Warner Bros’ operations, including networks such as CNN and Discovery, as well as HBO Max, DC Studios and popular titles such as Harry Potter.

It will see them added to Paramount’s CBS and combine two of Hollywood’s last five remaining studios.

The Paramount buyout of Warner’s business will significantly reshape Hollywood and the wider media landscape.

Warner Bros films such as Superman, Barbie and One Battle After Another, as well as hit TV series such as The White Lotus and Succession, would join Paramount’s extensive library including the Mission: Impossible and Star Trek franchises.

But there have been worries raised by legislators and industry trade groups that yet more consolidation in the sector would concentrate power further in the hands of a small number of players.