Paramount and Warner Bros. Discovery are still awaiting regulatory approval for the recent transaction that will combine the two entities. But it appears the two sides are preparing for a merger sooner rather than later.
According to a report by Puck sports correspondent John Ourand on Thursday evening, both companies’ respective sports divisions — CBS Sports and TNT Sports — will merge in the third quarter of this year “if all goes according to plan.” CBS Sports president David Berson “is seen as the odds-on favorite to run the combined division,” Ourand writes.
Of course, there are still many hurdles for Paramount and Warner Bros. Discovery to clear before a combination becomes official. Not only does the transaction still need federal regulatory approval, but a number of state attorneys general have already thrown the flag on a merger. Not to mention, there will be additional challenges abroad, specifically in Europe, to move the deal forward.
However, we’ve already seen a willingness for expediency from the current administration when it comes to media mergers. Earlier this year, the equity deal between ESPN and the NFL was approved nearly a year ahead of schedule. So while the third quarter of 2026 might seem quick on paper, there might be reason for Paramount’s and Warner Bros. Discovery’s optimism.
For now, CBS Sports and TNT Sports are operating as independent entities. In the report, TNT Sports CEO Luis Silberwasser told Ourand, “When we talk about the transaction, it’s important to note that we are operating as two separate companies until the transaction is completed. In the meantime, there’s no discussion about the future or what happens. All those things are being decided later. We have the ability to continue to do the deals we’re doing now, and to operate this company as an independent company and a separate company from Paramount.”
If a merger is completed in Q3 2026, it would open up the possibility for CBS to broadcast TNT Sports properties, like postseason MLB games, as soon as this season. It’s unclear exactly how the combined entity will choose to divvy up its inventory; after all, it will still have to honor the obligations of its distribution agreements, which could force properties like postseason baseball to stay on TNT Sports’ cable networks. Nevertheless, the possibility is there.
Realistically, it’ll take at least a full calendar year for a combined CBS Sports-TNT Sports to figure out what inventory it should put where to maximize the value of its live sports rights. But the start of that process could be right around the corner.