Paramount discussed streaming deal with Comcast

Paramount Global recently held talks with Comcast on joining forces for a streaming deal, the Wall Street Journal reported on Friday, citing people familiar with the matter.

The two companies discussed a streaming partnership or joint venture for Paramount+ and Peacock, among several strategic options Paramount was pursuing, the report said.

The development comes after Fox Corp, Walt Disney’s ESPN and Warner Bros Discovery said earlier this month they would launch a joint sports streaming service from their broad portfolio of professional and collegiate sports rights.

Comcast and Paramount declined Reuters requests for comment.

Paramount has been pumping money into its fast-growing but unprofitable streaming unit Paramount Plus, saying in November the investments had peaked a year ahead of the target.

Several analysts have highlighted the need for mergers among the smaller streamers to help turn the business profitable.

Reuters reported in January, citing a source, that Skydance Media CEO David Ellison was exploring an all-cash bid to acquire entertainment company Paramount Global’s parent, National Amusements.

Paramount plans to lay off about 800 employees, or roughly 3% of its workforce, a source familiar with situation told Reuters earlier this week, as the media company looks to cut costs and return to earnings growth this year. Reuters