Overview

• Multiple outlets report Paramount Skydance is preparing an offer for the entire Warner Bros. Discovery portfolio, and has engaged a financial adviser, but no formal proposal has been submitted.
• The prospective bid is described as mostly cash and backed by the Ellison family, covering film studios, cable networks, and streaming assets such as HBO Max.
• Warner Bros. Discovery shares jumped roughly 25%–32% on Thursday, while Paramount also rose, and Friday trading showed further gains, according to market data cited in the reports.
• CNBC reporting cited by EL CEO says Paramount could deliver an initial offer next week, though neither company has commented publicly and the process may not move forward.
• The talks come weeks after Skydance closed its merger with Paramount Global and as Warner Bros. Discovery has outlined a potential split of cable and studio/streaming businesses, with any deal still subject to shareholder and regulatory approval.