The heads of Warner Bros. Discovery and Paramount Global met this week to discuss a possible merger, according to Axios.
The media publication cites “multiple sources” that confirm Warner CEO David Zaslav and Paramount Global CEO Bob Bakish met on Tuesday in New York.
Warner is valued at A$42.63 billion, and Paramount is valued at A$14.7 billion – and the combined might of their studios would see the likes of Indiana Jones, Harry Potter, and the DC Comics film universe all fall under one company.
Should the deal pass competition laws — Warner doesn’t have a US free-to-air network, which makes jumping through the legislative loopholes considerably easier — it will result in a A$57 billion Hollywood juggernaut, and a real competitor to Netflix and Disney in a streaming landscape.
This comes after rumours that Apple was in similar discussions with Paramount to combine their streaming services.
Warner CEO David Zaslav told investors last month that recent cost-cutting and debt reduction means the company can now “allocate more capital toward growth opportunities.”
Buying out Paramount would be a good start.