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Warner Bros shares fell about 5% during trading hours on Wednesday, while Paramount shares fell about 2%.
Zaslav has also spoken to Shari Redstone, who owns Paramount’s parent company, about a deal, according to the Axios report on Wednesday.
The meeting between Zaslav and Bakish, which sources say lasted several hours, took place at Paramount’s headquarters in Times Square, Axios reported.
Talks between Warner Bros and Paramount are still early, and may not ultimately result in a deal, according to the report.
Warner Bros and Paramount did not immediately respond to Reuters’ requests for comment.
