Overview

• Multiple outlets report Paramount Skydance is preparing a majority-cash offer backed by the Ellison family to acquire all of Warner Bros. Discovery, including its studio, streaming service and cable networks.
• People familiar with the matter say an offer has not yet been submitted and the plan could still collapse, with both companies declining to comment.
• Warner Bros. Discovery shares jumped about 29% Thursday and are up close to 50% over two sessions, while Paramount Skydance also advanced.
• The move is seen as an effort to pre-empt WBD’s planned April 2026 separation, and a combined company would approach roughly 200 million streaming subscribers.
• Analysts warn of substantial regulatory risk and large liabilities at both firms, even as Ellison family financing and the prospect of rival bidders raise the stakes.