Warner Bros. Discovery halts Paramount International merger talks
President and C.E.O. of Warner Bros. Discovery David Zaslav speaks throughout the New York Occasions annual DealBook summit on November 29, 2023 in New York Metropolis.
Michael M. Santiago | Getty Pictures
Warner Bros. Discovery has gone “pencils down” on a possible acquisition of Paramount Global, halting talks after a number of months of kicking the tires on merging the media firms, in line with individuals aware of the matter.
Skydance Media, the movie and TV studio run by David Ellison, remains to be performing due diligence on a possible transaction, two of the individuals mentioned.
Paramount International has arrange a particular committee, which has employed its personal monetary adviser, to sift by potential bids for the entire firm or sure property. Media mogul Byron Allen offered $14 billion for the corporate final month, although he has a historical past of bidding on and not buying massive media property.
Comcast, the proprietor of NBCUniversal, is not interested by buying Paramount International property, one of many individuals mentioned. Comcast has been working with home bankers to discover a possible business partnership with Paramount Global, in line with individuals aware of the matter.
That would embrace bundling or merging streaming providers Peacock and Paramount+, as beforehand reported by The Wall Street Journal, or a special association. Nonetheless, it is unclear if Paramount International would have curiosity on this because it explores sale situations.
Spokespeople for Comcast, Paramount International, Skydance Media and Warner Bros. Discovery declined to remark.
Warner Bros. Discovery Chief Government Officer David Zaslav had a preliminary conversation with Paramount International CEO Bob Bakish, CNBC reported in December. The businesses engaged in additional critical merger discussions in January, however talks have cooled off this month.
Warner Bros. Discovery shares fell 10% Friday after the corporate missed analyst targets for earnings and revenue. Shares have fallen 47% previously 12 months and are close to a 52-week low.
Paramount International can be buying and selling near a 52-week low because it prepares to announce its earnings Wednesday.
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