The chief executives of Warner Bros. Discovery Inc.
WBD,
and Paramount Global
PARA,
met on Tuesday to talk about a potential merger, Axios reported on Wednesday, a move that would further consolidate an entertainment and streaming industry searching for stronger profitability. The two executives — David Zaslav at Warner and Bob Bakish at Paramount — met for several hours in Paramount’s headquarters in Times Square, and “discussed ways their companies could [complement] one another,” Axios said, adding that Warner is believed to have hired bankers to explore a potential deal. Axios noted that the companies were in the early stages of discussion and may not ultimately come to an agreement. Warner Bros. Discovery declined to comment. Paramount did not immediately respond to a request for comment. Shares of Warner Bros. Discovery were down 1.5% after hours, while Paramount Global’s were down 0.9%.
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