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Warner Bros. Discovery, Paramount Global in merger talks

2023-12-22 17:47 by
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Warner Bros. Discovery Chief Executive David Zaslav met on Tuesday with Paramount Global Chief Executive Bob Bakish, and they broached a potential merger between the two companies, two people familiar with the matter told CNN.

The pairing would combine two of the media industry's biggest players in a deal, likely setting off a wave of consolidation among streaming services.

Warner owns the Max streaming service, which has 95 million subscribers. Paramount owns the Paramount+ streaming service, which has 63 million subscribers. They are eclipsed by Netflix, which has 247 million subscribers and Disney+, which has 105 million.

Both companies have struggled as consumers have abandoned cable TV for streaming.

The deal talks follow months of industry speculation about consolidation among companies that lack the scale to compete with streaming pioneer Netflix while steadily losing customers in the traditional TV business to cord-cutting. Consolidation could result in fewer choices and higher prices.

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