Entertainment giants Warner Bros. Discovery (WBD) and Paramount Global (PARA) are discussing a potential merger.
According to multiple media reports, Warner Bros. chief executive officer (CEO) David Zaslav and Paramount CEO Bob Bakish met in recent days to discuss merging their companies into what would be a film and television colossus.
Warner Bros. owns several studios and television properties, including cable channels CNN and HBO, and U.S. streaming platform Max.
Paramount also has a studio, the CBS television network, cable operations that include Nickelodeon, and streaming platform Paramount+.
Film franchises owned by Warner Bros. include Batman and The Matrix, while Paramount owns Star Trek and Indiana Jones.
Paramount Global let it be known earlier this year that it was exploring a sale and that it is looking to achieve scale to better compete in streaming against rivals such as Netflix (NFLX) and the Walt Disney Co. (DIS).
The merger talks between Warner Bros. and Paramount are being described as preliminary.
The stock of Warner Bros. Discovery has gained 22% this year to trade at $11.66 U.S. per share.
Paramount Global’s share price has declined 9% in 2023 to trade at $15.50 U.S.
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