Paramount Skydance is considering making a takeover offer for Warner Bros Discovery (WBD), reports The WSJ. The news comes just weeks after Skydance closed its merger deal with Paramount valued at over $8 billion.

Paramount, led by chairman and CEO David Ellison, is reportedly preparing a majority cash bid for WBD that would be backed by the Ellison family, with the report citing unnamed sources familiar with the situation. Any offer would be for the entire company, including its cable networks and movie studio. A deal would bring together two of Hollywood’s most iconic studios as well as streaming services HBO Max and Paramount+.

“This deal is the Hollywood equivalent of a sequel no one expected but everyone sort of saw coming,” commented eMarketer analyst Jeremy Goldman. “For WBD shareholders, a cash-rich exit is far more appealing than waiting around for Zaslav’s restructuring magic to (maybe) pay off.”

WBD had a nearly $33 billion market capitalisation prior to The WSJ report on the potential bid.

Shares in WBD surged on the news by 29 per cent on September 11th, whilst Paramount‘s jumped 15 per cent.

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Tags: HBO, paramount, skydance, WBD