Warner Bros. Discovery shareholders are expected to receive the cash when the deal closes , not when the announcement or vote happens. The latest reporting says the transaction is expected to close in the third quarter of 2026 , and if it is still not closed by September 30, 2026 , shareholders are due an extra $0.25 per share each quarter until closing.

What that means

  • The main payout is $31 in cash per share once closing is completed.
  • Shareholders do not get the money immediately after approving the deal; final payment typically comes at closing.
  • There is still deal risk because regulatory approval and possible legal issues can delay timing.

Timing in plain English

If everything finishes on schedule, payment would likely happen sometime in Q3 2026. If the closing slips past the end of September, the ticking fee starts adding to the value owed to shareholders.

TL;DR

Probably in Q3 2026, at deal closing — with a possible extra quarterly payout if the deal drags past September 30, 2026.