Media conglomerate putting together majority cash offer for WBD backed by ultra-rich Ellison family, reports say
Paramount Skydance is reportedly preparing a takeover offer for Warner Bros Discovery, in a bid to pull together two of the largest US legacy media conglomerates and Hollywood movie studios.
Less than a month after Skydance, a production firm run by David Ellison, son of the billionaire tech mogul Larry Ellison, closed its merger with Paramount, the firm is considering other blockbuster deals.
Paramount is preparing a majority cash bid for WBD that would be backed by the Ellison family, according to the Wall Street Journal, which cited unnamed sources familiar with the situation. Paramount and WBD did not immediately respond to requests for comment.
Shares in WBD surged by as much as 34% following the report. The firm owns an array of media assets, including the Warner Bros movie studios; CNN, the news network; the DC Comics franchise; and a string of TV networks, including HBO.
