Paramount Global leadership is having active discussions with other media and tech company executives to determine if a structure makes sense for both parties where Paramount+ can be merged with another streaming entity and potentially co-owned, according to people familiar with the matter, who asked not to be named because the discussions are private.
One of the companies that has expressed a desire to reach a deal is Warner Bros. Discovery, according to people familiar with the matter. Combining Max and Paramount+ could strengthen both services by allowing them to better compete with Netflix (NASDAQ:NFLX) and Disney’s suite of platforms (Disney+, Hulu and ESPN) for eyeballs and future content.
Warner Bros. Discovery held preliminary merger talks for a deal for all of Paramount Global earlier this year, but talks didn’t escalate.
Paramount Global is also considering partnering with a technology platform, the company’s co-CEO Chris McCarthy said at an employee town hall on June 25.
“What they don’t have is our scale of content, and together we will make for a very powerful combination to drive more minutes and greater profits,” McCarthy said of a potential tech partner at the town hall.
PARA shares prospered 26 cents, or 2.5%, to $10.40.
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