Warner Bros. Discovery, Paramount in merger talks: Report
David Zaslav, CEO, Warner Bros. Discovery.
Anjali Sundaram | CNBC
Warner Bros. Discovery shares fell into the close Wednesday after Axios reported that the media company was in talks to merge with rival Paramount Global.
Warner Bros. Discovery’s stock fell more than 5%, while Paramount shares bounced a little off their lows.
CNBC has reached out to Warner Bros. Discovery and Paramount.
The Axios report, which cites multiple sources, comes as speculation about Paramount’s future heats up. Controlling shareholder Shari Redstone is reportedly eager to make a deal. Redstone controls Paramount through her company National Amusements.
Meanwhile, Warner Bros. Discovery, the result of a merger between Warner Media and Discovery in 2022, has been slashing costs and attacking its debt levels under the stewardship of Chief Executive David Zaslav. Axios reported that Zaslav and Paramount CEO Bob Bakish met Tuesday in New York to discuss a possible deal.
This is breaking news. Please check back for updates.
