Warner Bros. Discovery shareholders have voted "overwhelmingly" in favor of the sale to Paramount Skydance.

As it looks to deepen fan engagement around its properties, Paramount has launched a global publishing imprint.

Paramount Skydance confirmed its Warner Bros. Discovery deal on Friday, with the takeover expected to close in Q3, pending regulatory clearances and shareholder approval.

Netflix says it will not upgrade its offer to acquire Warner Bros. after Warner Bros. Discovery's board determined that the Paramount Skydance offer is superior to its agreed-upon transaction with the streaming giant.

Paramount's Q4 revenues rose modestly to $8.1 billion, driven largely by its direct-to-consumer segment, where revenues were up by 10% to $2.2 billion.