Share prices of Warner Bros. Discovery soared by nearly 30 percent Thursday afternoon following reports that Paramount, fresh off its merger with Skydance Media, was preparing a majority cash bid to acquire the media conglomerate.
The Wall Street Journal reported that the Ellison family – led by Larry Ellison, one of the world’s richest men – was backing the proposed purchase of WBD and would include the entire company, including its cable television networks and movie studio. Warner had previously announced its intention to separate into two distinct businesses, with the global TV assets in one company and the other incorporating its streaming and studio operations.
