Paramount Skydance is working on a majority cash bid for Warner Bros Discovery, according to a report in the Wall Street Journal.
The reported bid would be for the entire Warner Bros. Discovery company, which includes the legendary film studio as well as cable news channel CNN and streaming service HBO Max.
In 2024, Warner stated that it planned to restructure into two operating divisions by dividing its streaming and studio arms from its legacy cable television business.
Skydance, run by David Ellison, the son of billionaire Larry Ellison, recently closed its deal to merge with Paramount, which owns Nickelodeon, MTV, Comedy Central, and its movie studio.
Last week, Larry Ellison briefly overtook Elon Musk as the world's richest person, worth more than $380bn, according to the Bloomberg Billionaires Index.
The Wall Street Journal reported that Paramount Skydance’s bid for Warner Bros. Discovery is backed by the Ellison family, citing people familiar with the situation. It added that a bid hasn’t yet been submitted, and the plans could still fall apart.
A potential combination of the two studios could also bring antitrust and regulatory scrutiny in the United States.
Warner Brothers Discovery shares closed up nearly 30% after the Wall Street Journal report emerged, while Paramount Skydance closed up 16%.
US studio Paramount Global is set to announce thousands of job cuts following its merger with Skydance in August 2025. Discover more here.
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