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Paramount Plans Bid for Warner Bros. Discovery

NYT > Business > Media · Brooks Barnes, Lauren Hirsch and Benjamin Mullin · last updated

David Ellison, the media mogul who took over Paramount just last month, has already set his sights on another blockbuster deal: He wants to buy Warner Bros. Discovery.

Mr. Ellison is planning a bid for the company, which owns HBO, CNN and the Warner Bros. movie studio, according to three people with knowledge of the plans.

A merger of the two Hollywood giants would reshape the media industry, putting some of the most renowned news and entertainment brands under the same roof. It would unite two of the biggest movie studios and two of the most influential news networks, CBS News and CNN.

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The traditional journalism business model has long since collapsed, and news organizations have shrunk or disappeared entirely. While a number of promising experiments are under way, the public has not shown a willingness to buy what news organizations are selling.

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