Paramount holds talks with Amazon to expand partnership in media businesses

By Thomas Buckley and Lucas Shaw
 

Paramount Global has had conversations with Amazon.com Inc. about expanding the ties between their media businesses, according to people familiar with the talks.
 

The discussions may not amount to anything, but are said to include bundled sales of channels, according to the people, who asked to not be identified because the conversations are private. One of the people said the talks also involved advertising.

Paramount has also had discussions with Comcast Corp. about a streaming joint venture.
 

Paramount’s streaming service, Paramount+, is already one of the more popular choices on Amazon’s Channels store, which lets customers subscribe to online TV networks like Starz, Max and Discovery+. Paramount is also a large supplier of TV programmes to Amazon’s Prime Video streaming service, including the hits Reacher and Jack Ryan.

Paramount, the parent of CBS, MTV and other media businesses, is fielding offers from independent film and TV producer David Ellison as well as Apollo Global Management Inc. about a takeover of the business from controlling shareholder Shari Redstone. Apollo has partnered with Sony Group Corp. in its bid.

The New York-based media giant has struggled with falling ad sales and a money-losing streaming business. Paramount recently replaced its chief executive officer, Bob Bakish, with a trio of executives who are working on their own plan to improve the company’s finances.