An $81 billion Warner-Paramount mega merger has received shareholders’ stamp of approval, propelling a deal that could vastly reshape Hollywood and the wider media landscape closer to the finish line. Per a preliminary vote count on Thursday, the overwhelming majority of Warner Bros. Discovery shareholders voted in support of selling the entire business to Paramount for $31 a share. Including debt, the deal is valued at nearly $111 billion. Skydance-owned Paramount wants to buy all of Warner. That means HBO Max, cult-favorite titles like “Harry Potter” and even CNN could soon find themselves under the same roof with CBS, “Top Gun” and the Paramount+ streaming service.

Disney may bypass movie theaters yet again and send its latest 2020 movie releases to its streaming platform, a move that could further devastate the country's major theater chains still reeling from months of stifled operations.

The company's stock was up about 5% in after hours trading following the news.