Media conglomerate Warner Bros. Discovery and Paramount Global have begun talks about a possible merger, creating an entertainment and news giant. The CEOs of Warner Bros., David Zaslav, and Paramount CEO, Bob Bakish, met for several hours at the latter company’s headquarters in New York to discuss the possible merger, according to CNN, which attributes the information to two people familiar with the matter. CNN has also indicated that spokespersons for these companies did not want to comment. A merger of these two media would encompass the Warner Bros and Paramount studios, as well as CBS, CNN itself and other cable television assets.
Zaslav had commented in recent months that new assets had to be sought to boost Warner Bros Discovery’s content offerings. Shari Redstone, the heiress to Paramount’s parent company, National Amusements, has been in talks to sell her stake in the company, which has been in the family for decades.
According to the network, a person familiar with the matter confirmed that Zaslav also spoke with Redstone about a possible deal. The talks come as both companies are saddled with heavy debt, so Warner Bros. Discovery has been cutting costs. In the third quarter of this year its debt amounted to $45.1 billion, compared to $49.3 billion at the beginning of 2023. Paramount’s, for its part, is $15.7 billion.
Zaslav’s success in reducing debt is one of the main reasons the company’s shares are up 23% this year. By comparison, Disney is up just 5% and Paramount is down 8%, CNN has noted.
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2023-12-21 20:34:02
#Paramount #Warner #Bros #negotiating #merger #create #entertainment #media #giant
