(Reuters) -Warner Bros Discovery CEO David Zaslav met with Paramount Global CEO Bob Bakish on Tuesday in New York City to discuss a possible merger, Axios reported, citing multiple sources.
Warner Bros shares fell about 5% during trading hours on Wednesday, while Paramount shares fell about 2%.
Zaslav has also spoken to Shari Redstone, who owns Paramount’s parent company, about a deal, according to the Axios report on Wednesday.
The meeting between Zaslav and Bakish, which sources say lasted several hours, took place at Paramount’s headquarters in Times Square, Axios reported.
Talks between Warner Bros and Paramount are still early, and may not ultimately result in a deal, according to the report.
Warner Bros and Paramount did not immediately respond to Reuters’ requests for comment.
(Reporting by Bhanvi Satija in Bengaluru; Editing by Krishna Chandra Eluri and Shounak Dasgupta)
