Written by Intern Queeny George M.H , Team Allycaral
Shares in Warner Bros Discovery surged by 29% on Thursday, and Paramount Skydance jumped 16%, following reports that Paramount Skydance is preparing a full takeover offer for the rival studio. The potential deal, which could dramatically reshape the U.S. media landscape, would include Warner Bros Discovery’s key assets — news network CNN, premium cable channel HBO, and the film studio behind global franchises such as Barbie and Harry Potter.
The Wall Street Journal reported that although a formal bid has not yet been submitted, discussions are underway and could fall apart. The move would be one of the largest consolidation plays in the media industry’s recent history, which has already been reshaped by the streaming revolution and a flurry of mergers and acquisitions. The industry is also facing increased political scrutiny, particularly from President Donald Trump’s administration.
Warner Bros Discovery declined to comment on the potential bid, and Paramount Skydance did not respond to requests for comment.
David Ellison, head of Skydance and son of tech billionaire Larry Ellison, is at the center of the reported deal. A Hollywood producer with credits including Top Gun: Maverick and World War Z, Ellison is also said to be closing in on a deal to buy The Free Press, a digital outlet co-founded by journalist Bari Weiss.
His father, Larry Ellison, a known Trump ally, briefly overtook Elon Musk this week to become the world’s richest person with a net worth of over $380 billion, according to the Bloomberg Billionaires Index. Earlier this year, Trump had publicly floated Ellison as a possible buyer of TikTok.
The deal adds a complex political layer, as Paramount has recently faced backlash over a $16 million settlement related to a legal battle with Trump over an interview with Kamala Harris. The settlement included no admission of wrongdoing but has drawn criticism from Democrats, who have labeled it a “bribe” and requested documentation from the company.
Paramount earlier this year announced it would be splitting its business to separate its streaming services from traditional cable offerings, potentially laying the groundwork for a major structural shift — and a possible acquisition. If the reported bid materializes, it would catapult Ellison’s role in Hollywood and U.S. politics to the next level, signaling a bold new era in the ongoing battle for media dominance.
