Warner Bros Discovery and Paramount Global discuss possible $38bn mega-merger

Global media giants reportedly looking at tie-up to compete with Disney+ and Netflix

Warner Bros Discovery and Paramount Global are reportedly in early stage talks about a merger that could bring two of the world's largest media firms under one roof with a combined market value of $38bn (30bn).

It is understood that Warner Bros' chief executive, David Zaslav, discussed a potential merger - that could bring together HBO and CNN with CBS News and the hit Mission: Impossible films - while having lunch with his counterpart ,Bob Bakish, at Paramount's offices in New York this week.