Weeks after closing its merger with Paramount, David Ellison’s Skydance is back at it.

Today, The Wall Street Journal reported that Ellison, the son of billionaire Larry Ellison, and his Paramount Skydance company are preparing a majority cash bid for Warner Bros. Discovery.

According to the report, the bid is for the entire company, including the cable networks and movie studio.

Ahead of the Journal’s report, WBD had been planning to split into two entities: Warner Bros., which will comprise the streaming and studios divisions, and Discovery Global, which will include the global networks. The split was planned for mid-2026.

WBD’s stock surged after the report of the deal, climbing more than 30%, while Paramount’s grew around 6%.

Reps for Paramount and WBD didn’t immediately return

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