By Multiple sources for Axios report that Warner Bros. Discovery CEO David Zaslav met with Paramount Global CEO Bob Bakish on Tuesday in New York City to discuss a possible merger.
Sara Fischer, a senior media reporter at the outlet and media analyst for CNN, broke the story and says the meeting between Zaslav and Bakish reportedly lasted several hours at Paramount’s headquarters in Times Square. Variety has subsequently confirmed the report but no official comment has reportedly come from either company.
Zaslav and Bakish reportedly “discussed ways their companies could complement one another”, including a possible merger of their Paramount+ and Max streaming services.
The outlet indicates Zaslav has also spoken to Paramount’s parent company National Amusements Inc. (NAI) owner Shari Redstone about a potential deal. Deadline adds that Redstone is “on a bit of a listening tour to see what she might be able to get if she decides to sell the company or part of it”.
Warner Bros. Discovery has a value of around $29 billion as of Wednesday with Paramount at just over $10 billion, so it’s not clear is if Warners would just outright buy Paramount Global.
The outlet indicates executives are confident a deal would receive regulatory approval as notably Warner Bros. Discovery doesn’t own a broadcast network.
Zaslav told investors last month his company is now in a position “to allocate more capital toward growth opportunities.” A tax provision used to merge WarnerMedia and Discovery expires next year – which would legally allowing WBD to explore another deal.
What impact this will have is unclear – CBS News combining with CNN? One studio in control of major franchises like “Batman” and “Star Trek”?
The site cautions talks between WBD and Paramount are “still early, and may not ultimately result in a deal.”
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