Paramount Skydance is preparing a blockbuster bid for Warner Bros. Discovery that could value the struggling media giant at up to $24 a share, according to CNBC.

The proposed deal is expected to be 70% to 80% cash — backed in part by Oracle co-founder Larry Ellison, father of Paramount Skydance CEO David Ellison — with the rest in stock.

CNBC reporter David Faber said Friday that Paramount Skydance, the Ellison-controlled venture, is eyeing a bid in the range of $22 to $24 per share. 5

Warner Bros. Discovery stock began the day on Wall Street in the red, but the CNBC report, which was pubished at around 10:30 a.m. Eastern Time, sent shares higher.

As of 11 a.m. Eastern Time, the stock was up by nearly 2%. Paramount Skydance stock rose slightly as well.

Faber cautioned the figu

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