Overview

• Reports say David Ellison is preparing a largely cash offer for Warner Bros. Discovery, with financing support linked to Larry Ellison.
• No formal bid has been filed, yet Warner Bros. Discovery shares jumped about 28–30% and Paramount Skydance rose roughly 15%.
• Multiple outlets report an offer could arrive as soon as next week, though the timeline has not been confirmed by the companies.
• Warner Bros. Discovery is proceeding with a separation into Warner Bros. for studios and streaming and Discovery Global for TV, targeted for completion around April 2026, according to CEO David Zaslav.
• Analysts expect Justice Department scrutiny and note the FCC may not weigh in because WBD has no broadcast network, while potential rival buyers such as Netflix are being discussed.