Paramount Skydance is preparing a bid to buy Warner Bros Discovery, a source familiar with the matter told Reuters on Thursday, potentially bringing together two storied Hollywood studios and reshaping the entertainment industry.

A bid for Warner Bros Discovery would be backed by the Ellison family, which includes Skydance head David Ellison and his father, billionaire Oracle co-founder Larry Ellison , according to the Wall Street Journal, which first reported the news, citing unnamed sources.

The audacious bid, coming just weeks after Skydance bought Paramount Global for $8.4 billion, would unite some of the best-known entertainment brands under a single corporate shingle, bringing together DC Comics superheroes like Superman and Nickelodeon’s SpongeBob SquarePants, science-fiction fr

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