A report from CNBC indicates that Warner Bros. Discovery has broken off talks to acquire Paramount Global, a deal that would have merged two studios.
Ever since the merger of Warner Bros. and Discovery Communications was completed in 2022, the reformed Warner Bros. Discovery has been barred from making deals. That prohibition lifts in April, and it seemed that the studio was anxious to make a new deal when it does.
Rumors started spreading in Dec. of last year that informal talks had begun with Warner Bros. Discovery possibly acquiring Paramount Global. Paramount is on the hunt for a buyer at the moment as its financial situation continues to worsen. Those talks are said to have continued into Jan. of this year, but the discussions had cooled in Feb. and now look to be dead.
This comes on the heels of a poor earnings report from Warner Bros. Discovery that saw the company miss multiple earnings targets. This led to a 10% fall in the price of the company’s stock last Friday on the back of the news, landing it near a 52-week low.
Paramount Global is continuing its hunt for a buyer, but the possibility of Warner Bros. Discovery gobbling it up now seem to be a completely dead topic in Hollywood.
