Shares of Warner Bros. Discovery and Paramount experienced a decline in after-hours trading following a meeting between their CEOs to explore a potential merger.

Warner Bros. shares closed down 5.7% on Wednesday and faced an additional 1.5% drop during late trading. Similarly, Paramount shares closed down 2% and slid another 0.3% after hours.

According to Axios, the meeting took place on Tuesday at Paramount's New York offices, as reported by various sources.

Warner Bros. CEO David Zaslav and Paramount CEO Bob Bakish engaged in discussions regarding a potential combination; however, formal talks have not commenced, as reported by The Wall Street Journal based on information from knowledgeable individuals.

Representatives from Warner Bros. Discovery and Paramount were not immediately available for comment.

Warner currently possesses numerous studio and television properties, which include CNN and HBO cable channels, as well as their rebranded streaming platform called Max. On the other hand, Paramount owns a studio, the CBS television network, cable operations (including Nickelodeon), and their streaming platform named Paramount+.

The Journal also reported that National Amusements, the parent company of Paramount, has been exploring the possibility of a sale and has engaged in discussions with Skydance Media and investor RedBird Capital.

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