Warner Bros. Discovery announced on Thursday that it has scheduled a shareholder meeting for April 23 to vote on the proposed merger with Paramount Skydance.

Under the terms of the agreement, shareholders of Warner Bros. Discovery will receive $31 in cash for each share of common stock they hold. The company stated it expects the transaction to be completed in the third quarter of this year. If the deal is not finalized by September 30, shareholders will receive a delay compensation payment of $0.25 per share for each quarter until the transaction is ultimately completed.

The merger between Paramount and Warner Bros. Discovery will combine a range of entertainment and media assets, including CNN, CBS, HBO Max, Paramount+, as well as the film studios and libraries of both Warner and Paramount.