Paramount Skydance readies Ellison-backed offer for Warner Bros Discovery

Paramount Skydance, the newly formed company from the merger of Paramount Global and Skydance Media, is reportedly preparing a majority-cash bid to acquire Warner Bros Discovery.

The effort is financially backed by the Ellison family, with David Ellison leading the initiative and his father Larry Ellison providing support.

The potential deal would encompass Warner Bros Discovery’s full portfolio, including its film and television studios, streaming platforms like HBO Max, and cable networks including CNN.

Analysts note that such a move would create one of the largest media consolidations in recent years.

The reports of a potential bid have already impacted the stock market, with Warner Bros Discovery shares rising by nearly 30–37% and Paramount Skydance shares seeing gains as well.

While Paramount Skydance is reportedly working with investment banks to structure the offer, no formal bid has been submitted, and there have been no official discussions with Warner Bros Discovery.

If completed, the acquisition would position Paramount Skydance as a major competitor against streaming giants such as Netflix, Disney, Apple, and Amazon.

However, the scale of the deal could trigger regulatory and antitrust scrutiny, as well as potential financing challenges.