Another major Hollywood studio shakeup could be on the horizon, with a report Thursday that Paramount is preparing to make a cash offer to purchase Warner Bros. Discovery, including the movie studio and TV assets including HBO, CNN, TNT and other networks.
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The Wall Street Journal reported that Paramount is planning a bid for the entirety of Warner Bros. Discovery, which is in the process of spinning its TV assets into a separate company from the movie studio.
Paramount was formally acquired last month by media mogul Larry Ellison -- who this week overtook Elon Musk as the world's richest man -- and RedBird Capital Partners. Ellison's son David serves as Paramount's chairman and CEO.
It was unclear how much money Paramount might bid for Warner Bros. Discovery. There has been no public comment by either company about a possible merger.
News of the possible deal sent Warner Bros. Discovery stock soaring by nearly 30% on Thursday.
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