Talks between Warner Bros. Discovery and Paramount on a possible merger have stalled out, according to a new report.
Bankers for the two sides have gone “pencils down,” CNBC’s Alex Sherman reported Tuesday, noting Paramount is still sifting through other offers on a potential sale of the media behemoth.
A merger between Warner Bros. Discovery, which owns TNT, Max and CNN; and Paramount, which owns CBS, MTV and several other media brands, would have marked one of the largest consolidations of two media conglomerates in recent memory.
A deal likely would have resulted in the combination of the companies’ news and entertainment divisions.
Late last year, Warner Bros. Discovery CEO David Zaslav met with Paramount CEO Bob Bakish as the two sides discussed the possibility of a merger.
Media mogul Byron Allen also reportedly offered to buy Paramount for $14 billion after a previous attempt to purchase the company was rejected by its board.
Warner Bros. and Discovery merged in 2022.