Media stocks experienced a surge on Friday after reports emerged that Apple and Paramount Global are in preliminary discussions to offer a bundled package of their respective streaming platforms. According to The Wall Street Journal, the companies have explored the possibility of combining Apple TV+ and Paramount+ into a single subscription offering, aimed at providing consumers with a more cost-effective streaming experience.

Shares of Paramount Global and Warner Bros. Discovery, the owner of streaming service Max, soared by more than 8% during afternoon trading on Friday. Paramount Global's stock has seen a decline of approximately 7% this year, while Warner Bros. Discovery has reported a streaming profit in the third quarter and has achieved a growth rate of around 20%.

The rumored partnership between Apple and Paramount Global has caught significant attention in the media industry. The two companies have distinct content strategies which could make them an ideal match for a bundled offering. Apple TV+ is renowned for its extensive library of exclusive and prestigious content, while Paramount+ boasts an extensive back-catalog of popular TV shows and movies.

This report comes at a time when the concept of bundling rival streaming services is gaining traction in the industry. In a recent announcement, Netflix and Max entered into an agreement with Verizon to offer a bundled package at a reduced monthly cost of $10, compared to the regular $17 price tag. Furthermore, Disney currently offers a bundle of Hulu, Disney+, and ESPN+.

Although Apple and Paramount have not responded to CNBC's request for comment on this potential collaboration, media experts believe that this partnership could provide Paramount with an opportunity to pivot in the rapidly evolving media landscape. Paramount Global, facing declining revenue and streaming losses, has shown openness to exploring significant deals, as previously reported by CNBC.

While the trend of bundling streaming services is gaining momentum, it is worth noting that this trend extends beyond the streaming sector. Earlier this year, Disney and Charter resolved a dispute and entered into an agreement allowing some Spectrum customers to access the ad-supported Disney+ plan. This move suggests that bundling arrangements could become more common in the future.

With the inclusion of Apple TV+ in a possible partnership, Paramount Global stands to benefit from Apple's strong presence in the market. The company's controlling shareholder, Shari Redstone, has reportedly expressed openness to striking substantial deals as Paramount Global aims to navigate the rapidly changing media landscape.

As discussions between Apple and Paramount Global progress, industry insiders will closely monitor the potential outcome of this collaboration. The streaming sector continues to evolve, with significant players exploring ways to offer bundled services that provide consumers with greater flexibility and value for their streaming needs.

In conclusion, the reported talks between Apple and Paramount Global regarding a potential streaming service bundle have propelled stocks and sparked excitement in the media industry. As industry giants continue to adapt to the changing landscape, consumers may soon have more options to access their favorite content through cost-effective bundled services.