What you need to know today

Streaming deal?
Paramount Global is exploring merging its Paramount+ streaming service with another existing platform, according to people familiar with the matter. The company is in discussions with several media and tech firms, including Warner Bros. Discovery. A merger could help the combined entity better compete with Netflix and Disney’s streaming platforms.

The move signals a new wave of consolidation in the streaming industry as companies seek stronger footing in the highly competitive market.

Chewy stake
Keith Gill, known as “Roaring Kitty,” has taken a 6.6% stake in Chewy, purchasing over 9 million shares valued at over $245 million, according to a Securities and Exchange Commission filing.

Gill, a prominent meme stock trader, is now the third-largest shareholder of the pet food e-commerce company. Chewy’s stock surged over 9% on Monday but reversed course to close 6.6% lower, with Wall Street analysts warning the volatility was not good for the pet retailer.

Separately, Airbus will acquire Spirit’s manufacturing facilities dedicated to Airbus planes for $1. Spirit will pay $559 million in compensation to Airbus. The plants in Belfast, Wichita and North Carolina, produce wings, fuselage and other components for the A220 and A350. Airbus shares rose 2.6% in Paris.