‘Warnamount’ Merger Talk Confounds Investors And Industry: “Why Would Any Company Try To Catch A Falling Knife?”
deadline.comOld habits die hard. So Warner Bros. Discovery’s CEO David Zaslav just sat down with Paramount Global chief executive Bob Bakish to talk about merging, and the media business yet again confronted the possibility of a spasm of mega-deals reshaping the landscape.
Happy holidays! When the opening bell rang on Wall Street, however, investors didn’t exactly give the idea of “Warnamount” a ringing endorsement.
Shares of Paramount slipped 1% and WBD slid 4% in early trading. Paramount is 40% below its 52-week high, and WBD has lost more than half its value since the April 2022 close of the WarnerMedia-Discovery merger.
While the business has reckoned with more seismic deals in recent years, among them Disney-Fox and AT&T-Time Warner, this time the reality seems to be dawning that bigger is not always better.
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