WarnerBros Discovery is in talks with Paramount over a potential merger that would include TNT Sports. Axios is reporting that the CEOs of each company met earlier this week in New York City to initiate discussions regarding a deal. David Zaslav currently heads Warner Bros. Discovery, while Bob Bakish has led Paramount since late 2019.

An official collaboration between the two television giants would be groundbreaking. Both sides already have significant presences by themselves. Top cable channels such as CNN, TNT, TBS and Discovery are currently under the Warner Bros. umbrella. However, the media giant also has HBO, Warner Bros. Studios, and the streaming service Max.

Paramount, on the other hand, owns CBS, as well as several high-profile television networks such as Comedy Central, Nickelodeon and MTV. The conglomerate operates Paramount Pictures and Paramount+ as well.

Both companies have concerns over debt

Although a potentially massive move, the news is not surprising. It was previously reported in November that Paramount may eventually put its streaming service up for sale.

The report also indicated that Shari Redstone, chairwoman of the entertainment conglomerate, had been in discussions to sell the company. Redstone was not part of the actual discussions between Bakish and Zaslav. While no potential buyers were listed at the time, it now seems as if Warner Bros could take advantage.

The potential merger would seemingly help solve Paramount’s current precarious financial situation. The massive conglomerate saw a decline in operating income and total assets over the last year. Axios also claims that news of a possible selloff helped boost Paramount’s stock 12% earlier this month.

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Warner Bros, however, also has debt concerns as well. Investors previously worried about the group’s $43 billion merger with Discovery in 2022.

According to the news outlet, Warner Bros is worth nearly three times the value of Paramount. The former company holds a valuation of around $29 billion, while the latter conglomerate is closer to $10 billion. This means that any agreement on a merger would not exactly be equal.

Paramount, WarnerBros and TNT Sports have ample soccer TV rights

A merger between the two giants would affect all of their assets. It would also potentially allow the group to rival the most popular streaming services such as Netflix and Disney+. However, sports fans also need to pay close attention to the possible agreement.

Although discussions between the two sides are only in the beginning stages, the merger would essentially combine CBS and TNT’s sports divisions. In the soccer world, CBS currently has media rights deals to broadcast a plethora of global leagues here in the United States. This includes the UEFA Champions League, UEFA Europa League, Serie A, Scottish Premiership, and NWSL.

TNT mostly focuses on basketball, baseball, and hockey here in the States. Nevertheless, the United States national teams (men’s and women’s) entered an exclusive agreement with the network in 2022. The eight-year deal between the sides began in 2023 and will run until 2030. These matches are on TNT, TBS as well as Max.