Warner Bros Discovery and Paramount Global are in talks for a possible merger, according to media reports. The talks are at a very early stage and may not lead to an agreement, say the reports.

David Zaslav, CEO, Warner Bros. Discovery and Bob Bakish, CEO, Paramount Global reportedly held discussions in New York City regarding a potential merger. The meeting was held at Paramount's headquarters in Times Square, and went on for several hours, the reports mentioned quoting sources.

The reports claimed that the two CEOs talked about how their main streaming services, Paramount Plus and Max (formerly HBO Max), will compete against Netflix and Disney Plus.

Zaslav also reportedly spoke to Shari Redstone, the owner of Paramount's parent company. It is not yet known if Warner Bros. Discovery (WBD) would acquire Paramount Global directly or its parent company, National Amusements Inc (NAI). Both the options are being considered, the sources reportedly said.