Warner Bros. Discovery, Paramount in talks about possible merger: Report

Warner Bros. Discovery CEO David Zaslav met with Paramount CEO Bob Bakish this week amid talks of a potential merger between the two media behemoths, according to multiple reports.

The meeting between the two media executives took place Tuesday in New York City, Axios first reported, noting Warner Bros. Discovery has hired bankers to explore a potential sale.

Paramount owns ViacomCBS and its subsidiaries, while Warner Bros. Discovery owns major news and entertainment brands of its own, like Max and CNN.

A potential merger of the conglomerates would be a significant moment that could permanently reshape the future of the news and entertainment business. It could also result in the combining of both sides’ respective news, sports and entertainment brands.

Talks of a potential sale come as media business leaders grapple with a decline in linear television viewership, growing popularity of some streaming entertainment services and other changing consumer habits.

Paramount’s parent company, National Amusements, has been exploring a sale of its premier media asset for some time, with The Wall Street Journal reporting earlier this month that media mogul Shari Redstone has also met with Skydance Media Chief Executive David Ellison and Activision CEO Bobby Kotick about a potential sale in recent months.

Zaslav has also spoken to Redstone, Axios reported.