After a report emerges that Apple and Paramount are in talks about a streaming bundle, media stocks experience a surge in value.

• Warner Bros. Discovery and Paramount Global shares jumped Friday.
• According to The Wall Street Journal, Apple and Paramount are in talks about combining their streaming platforms.
• Warner Bros. Discovery has expressed a willingness to bundle its Max service with competitors.

On Friday, media stocks surged due to a Wall Street Journal report stating that and are in preliminary discussions to combine their streaming services.

According to The Wall Street Journal, the companies have discussed offering a bundle of Apple TV+ and Paramount+ at a lower price than subscribing to each service separately.

On Friday, Paramount's shares closed up nearly 10%, while Netflix, which owns streaming service Max, closed up more than 8%. Paramount has declined about 6% on the year, while Warner Bros. Discovery, which reported a streaming profit in the third quarter, has risen about 19%.

Neither Apple nor Paramount provided a comment when CNBC requested one.

A bundle of Paramount+ and Apple TV+ could be an excellent choice due to their contrasting content approaches. Apple TV+ is renowned for its extensive collection of exclusive and high-end content, while Paramount+ boasts a more extensive backlog of well-known TV shows and movies.

The media industry is experiencing increased debate over bundling streaming services.

The Journal previously reported that streaming leader and Max entered into an agreement with Verizon to bundle the two services at a reported $10 a month, less than the $17 the combination would normally cost. Liberty Media Chairman and Warner Bros. Discovery board member John Malone has often discussed what streaming bundles could look like. Disney currently offers a bundle of Hulu, Disney+ and ESPN+.

Disney and Charter have reached an agreement where some Spectrum customers can access the ad-supported Disney+ plan, which some experts predict could become a more common practice.