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Warner Bros. Discovery CEO David Zaslav met with Paramount Global CEO Bob Bakish on Tuesday in New York City to discuss a possible merger, Axios has learned from multiple sources.
Why it matters: The combination would create a news and entertainment behemoth that would likely trigger further industry consolidation.
- Zaslav also has spoken to Shari Redstone, who owns Paramount's parent company, about a deal.
- WBD's market value was around $29 billion as of Wednesday, while Paramount's was just over $10 billion, so any merger would not be of equals.
- The duo discussed ways their companies could complement one another. For example, each company's main streaming service — Paramount+ and Max — could merge to better rival Netflix and Disney+.
- It's unclear whether WBD would buy Paramount Global or its parent company, National Amusements Inc. (NAI), but a source familiar with the situation says that both options are on the table.
- WBD is said to have hired bankers to explore the deal.
- WBD could use its international distribution footprint to boost Paramount's franchises, while Paramount's children's programming assets could be essential to WBD's long-term streaming ambitions.
- CBS News could be combined with CNN to create a global news powerhouse. CBS' crime dramas, such as "NCIS" and "Criminal Minds," could be combined with Investigation Discovery and TruTV.
- CBS Sports' footprint could be combined with WBD's. For example, CBS and WBD's Turner Sports currently share TV rights for March Madness.