Warner Bros. Discovery has paused merger talks with Paramount Global, sources told CNBC on Tuesday, just two months after talks started on what would be a blockbuster shake-up in the burgeoning streaming wars.
Warner Bros. Discovery and Paramount Global halted talks on a potential blockbuster merger.
The reported break in talks comes after Warner Bros. Discovery posted a successful year, becoming just the second company in streaming beside Netflix to record a profit, though its shares have since slid.
Last week, shares of Warner Bros. Discovery dipped to a record low to $8.61 on the heels of a quarterly earnings report that found the company took in $10.28 billion in fourth-quarter revenue, well below analysts’ estimates.
This is a developing story and will be updated.
Warner Bros. Discovery And Paramount In Merger Talks (Forbes)