How large would a “Warner-Paramount” merger be?

Published Dec 24, 2023

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If a merger between Warner Bros. Discovery and Paramount Global is agreed, and allowed to pass by federal regulators, it would create the world’s third largest news media company.

Preliminary talks between Warner Bros. Discovery and Paramount Global could lead to a merger sometime after April 2024, when a clause barring Warner from conducting new acquisitions is lifted.

A combination of the two media giants would unite under a single roof famous Hollywood intellectual properties such as the Harry Potter and Mission: Impossible franchises, plus the CNN and CBS News outlets.

If a merger between Warner Bros. Discovery and Paramount Global is agreed, and allowed to pass by federal regulators, it would create the world’s third largest news media company. Graphic charts the world‘s largest news media companies. Source: Graphic News

Both companies have been struggling as US viewers cancel cable-TV subscriptions in favour of streaming services which are expensive to run and aren’t making enough money yet to cover shrinking profits on traditional networks.

In the event of a merger between Warner and Paramount, it would make them the world’s third largest news media company, behind only Comcast and Thomson Reuters.

World’s largest news media companies(by market capitalisation)

1. Comcast

HQ: Philadelphia

$177.18 billion (R3.3 trillion)

2. Thomson Reuters

HQ: Toronto

$65.00bn

Warner-Paramount (if merger allowed)

HQ: New York

$37.68bn

3. Naspers

HQ: Cape Town

$33.44bn

4. Warner Bros. Discovery

HQ: New York

$27.65bn

5. Fox Corp.

HQ: New York

$13.97bn

6. News Corp.

HQ: New York

$13.70bn

7. Paramount Global

HQ: New York

$10.03bn

8. The New York Times Company

HQ: New York

$7.54bn

9. Nexstar Media Group

HQ: Irving

$5.40bn

10. IACI

HQ: New York

$4.54bn

GRAPHIC NEWS