Paramount Skydance is preparing a majority cash bid for Warner Bros Discovery that is backed by the Ellison family, the Wall Street Journal reported on Thursday.

Shares of Warner Bros jumped nearly 30% while Paramount was up 7% after the news.

The bid will be for the entire company, including its cable networks and movie studio, the report said, citing people familiar with the situation.

Paramount declined to comment while Warner Bros did not immediately respond to a Reuters request for comment.

Paramount Skydance CEO David Ellison is looking to strengthen the company’s film slate and streaming ambitions. Evan Agostini/Invision/AP

After Paramount’s merger with Skydance Media, CEO David Ellison, the son of Larry Ellison, is looking for a way to strengthen the company’s film slate and

See Full Page