NEW YORK: Warner Brothers Discovery shares slid more than 5 percent Wednesday after reports emerged that the media and entertainment giant is exploring a merger with rival Paramount Global.
Warner Brothers Discovery chief executive David Zaslav met with Paramount Global boss Bob Bakish for several hours to discuss the possibility of merging the companies, Axios reported, citing unnamed sources.
The talks — which took place on Tuesday in New York — were described as preliminary, with the outcome uncertain.
Zaslav has also spoken with Shari Redstone, who owns Paramount’s parent company, about the potential for a deal, Axios reported.
Warner Brothers Discovery brands include CNN, HBO, and its eponymous film studios, while Paramount’s properties include its movie studios of the same name and the CBS broadcasting group.
Zaslav and Bakish discussed ways the companies could build on one another’s strengths, such as by combining their streaming services to better compete with Netflix and Disney+, the report said.
Warner Brothers Discovery had a market value of about $28.4 billion based on its closing share price Wednesday — more than double the roughly $10.3 billion valuation of Paramount Global based on its closing share price.
Warner has hired bankers to explore an acquisition, Axios reported.
A merger of that size could spark further consolidation in the media industry and draw intense scrutiny by US regulators.
Warner Bros. Discovery, Paramount explores merger: report
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Warner Bros. Discovery, Paramount explores merger: report
- A possible deal remains uncertain and will likley attract scrutiny by US regulators
Saudi Arabia ‘ideal partner’ in shaping next wave of intelligent age, communication minister tells WEF
- Abdullah Al-Swaha said aim was to “help the world achieve the next $100 trillion by energizing the intelligence age”
DAVOS: Saudi Arabia has accelerated efforts in “energizing the intelligent age,” making the Kingdom the world’s ideal partner in shaping the next wave of the technological age, said the minister of communication and information technology.
Speaking during a panel discussion at the World Economic Forum in Davos, Abdullah Al-Swaha said the aim was to “help the world achieve the next $100 trillion by energizing the intelligence age.”
He said the Kingdom was expanding global partnerships for the benefit of humanity and highlighted both local and international achievements.
“We believe the more prosperous the Kingdom, the Middle East, is, the more prosperous the world is. And it is not a surprise that we fuel 50 percent of the digital economy in the kingdom or the region,” he told the audience. He added the Kingdom fueled three times the tech force of its neighbors and, as a result, 50 percent of venture capital funding.
Al-Swaha said Saudi Arabia was focused both on artificial intelligence acceleration and adoption. At home, he said, the Kingdom was doubling the use of agentic AI in the public and private sector to increase worker productivity tenfold. He also cited the world’s first fully robotic heart transplant, which was conducted in Saudi Arabia.
“If we double down on talent, technology, and build trust with partners, we can achieve success,” he said. “And we are following the same blueprint for the intelligence age.”
He said the Kingdom aimed to be a “testbed” for innovators and investors. Rapid technological adoption and investment have boosted Saudi Arabia’s non-oil economy, with non-oil activities accounting for 56 percent of GDP and surpassing $1.2 trillion in 2025, ahead of the Vision 2030 target.
In terms of adoption, Al-Swaha said the Kingdom had introduced the Arabic-language AI model, Allam, to be adopted across Adobe product series. It has also partnered with Qualcomm to bring the first hybrid AI laptop and endpoints to the world.
“These are true testimonies that the kingdom is not going local or regional; we are going global,” he said.
