Now Streaming: Warner Bros. shareholders approve Paramount deal

“Now Streaming” is The Fly’s weekly recap of the stories surrounding the biggest content streamers.

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PLAYING THIS WEEKEND: Among this weekend’s new streaming content is HBO’s (WBD) new British television drama “Half Man,” starring Jamie Bell and Richard Gadd. Meanwhile, Netflix (NFLX) subscribers can catch the new season of sports comedy “Running Point” starring Kate Hudson, as well as animated sci-fi series “Stranger Things: Tales from ’85,” a spinoff of “Stranger Things.”

WARNER BROS./PARAMOUNT: On Thursday, Warner Bros. Discovery announced that its stockholders voted to approve the transaction with Paramount Skydance (PSKY). Based on the preliminary vote count from the special meeting, WBD stockholders voted to approve the adoption of the merger agreement with Paramount. The transaction is expected to close in Q3.

Following the announcement, Senator Elizabeth Warren, a Democrat from Massachusetts, said in a post on X, formerly Twitter, “The Paramount-Warner Bros. merger isn’t a done deal. State attorneys general across the country are stepping up to stop this antitrust disaster. We need to keep up this fight.”

NETFLIX BUYBACK: In a regulatory filing this week, Netflix said that its Board of Directors on April 22 authorized the repurchase of an additional $25B of the company’s common stock, in addition to the repurchase program authorized in December 2024, each without an expiration date. The company had approximately $6.8B available for repurchase as of March 31, 2026 under the company’s December 2024 share repurchase authorization.

COMCAST RESULTS: On Thursday, NBCUniversal owner Comcast (CMCSA) reported Q1 earnings and revenue that beat consensus estimates but marked a year-over-year declines in earnings. Of note, the company’s Peacock streaming services delivering “strong growth,” with paid subscribers increasing 12% year-over-year to 46M and revenue growth surpassing $2B for the first time, marking a 71% increase. The increase follows Peacock’s coverage of the 2026 Winter Olympics, as well as the NBA All-Star Game.

ROKU PT HIKES: On Friday, KeyBanc raised the firm’s price target on Roku (ROKU) to $140 from $130 and keeps an Overweight rating on the shares. The firm sees Roku’s Q1 results tracking ahead of expectations, reflecting no major Ad disruption from the war and an ongoing ramp of Subscription revenue. While energy prices may keep the raise to annual guidance measured, KeyBanc would view this as a sign of management conservatism.

Several days earlier, Guggenheim raised the firm’s price target on Roku to $130 from $115 and keeps a Buy rating on the shares. Achievement of 100M streaming households, combined with the company’s recent segment disclosure separating Advertising and Subscriptions, reinforces the firm’s conviction in its “strategic evolution thesis,” the analyst tells investors.

STOCK PLAYS: Other publicly traded companies in the space include Disney (DIS), Fox (FOXA), Amazon (AMZN), Apple (AAPL), AMC Networks (AMCX), and FuboTV (FUBO).