05:28 AM EDT, 09/12/2025 (MT Newswires) -- (Updates with additional details throughout and recent stock move in the fourth paragraph.)

Paramount Skydance ( PSKY ) is preparing a majority offer backed by the Ellison family for Warner Bros. Discovery ( WBD ) , several media outlets reported Thursday, citing people familiar with the situation.

The bid will be supported by the Ellison family, which includes Skydance CEO David Ellison and his father, billionaire Oracle (ORCL) co-founder Larry Ellison, the Wall Street Journal reported. The bid will be for the entirety of Warner Bros., including its cable networks and film studio, the report added.

Such a deal, however, is likely to face antitrust scrutiny, Reuters reported, citing legal experts.

Warner Bros. shares were up over 3% in recent Friday premarket activity after closing up 29% on Thursday. Paramount Skydance ( PSKY ) shares finished 15.6% up on Thursday.

Paramount and Warner Bros. did not reply to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)