Commenting on the news, Wells Fargo says that while it does not know the structure for a potential Warner Bros. Discovery plus Paramount combo, it prefers Warner Bros. Discovery as a standalone. The firm also said it thinks Warner Bros. is better off as a seller than buyer given the strength and uniqueness of Warner Bros. and HBO, but management may have different ideas. Any deals will likely require significant regulatory approvals of 1-2 years. Perhaps the biggest conclusion is that Media's challenges inevitably lead to rationalizations, Wells adds.