Paramount Skydance CEO and Chairman David Ellison could buy Warner Bros. Discovery and add major TV and film franchises as well as sports rights to his empire.

The Wall Street Journal reported the recently merged Paramount Skydance was preparing a takeover bid for the entirety of WBD.

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.