According to information published by US website Axios, Warner Bros. Discovery (WBD) and Paramount have engaged in talks to discuss a potential merger between the two media and entertainment multinational conglomerates. That is the reason why Paramount Global CEO Bob Bakish and Warner Bros. Discovery CEO David Zaslav held a meeting at Paramount’s corporate headquarters in Times Square, New York, on December 19. In addition, Axios revealed that Zaslav had held a conversation with Shari Redstone, who is the owner of Paramount’s controlling shareholder National Amusements.

The information was then unofficially confirmed by several US specialized media. Neither of the companies has made any comments.

According to Axios, WBD’s market value reached around USD 29 billion this week, whereas Paramount’s was just over USD 10 billion.

If the merger closes, the combination of WBD and Paramount will create a media and entertainment behemoth and is likely to contribute to further industry consolidation. One possible scenario is that both companies’s streaming services may combine into a single one. WBD’s Max, which will be launched in early 2024 in Latin America to replace HBO Max, may merge with Paramount’s platform, called Paramount+.