Paramount Eyes Buying Warner Bros in Bold Studio Power Move

Well, this is a curveball: the company that owns DC might not be owned by its current owner for long. A new report says Paramount Skydance is gearing up to make a play for Warner Bros. Discovery. Yes, really.

The quick version

• Paramount Skydance is preparing a majority cash bid for Warner Bros. Discovery.
• The money backing it comes from the Ellison family: Skydance boss David Ellison and his father Larry Ellison, the Oracle co-founder the report pegs as the world’s richest person at an estimated $393 billion.
• The offer would cover the whole company: cable networks and the Warner Bros. movie studio arm.
• This would be a smaller fish swallowing a bigger fish situation: Warner Bros. Discovery’s market cap is about $33 billion, which is more than double Paramount Skydance’s.
• Last year, Warner Bros. Discovery said it planned to reshape itself into two operating divisions, one focused on legacy cable TV and one focused on movies. The timing here suggests the buyers see an opening in that split.
• No formal offer has been delivered yet, and talks have not made real headway.
• Even if both sides shake hands, expect a wall of antitrust scrutiny before anything closes.

Why this is so unexpected

On paper, this looks upside down: a combined Paramount Skydance trying to take over a company worth more than twice its size. The angle is the cash. A majority cash bid, backed by the Ellisons, changes the math. If you are wondering why the restructuring matters, this is the inside baseball part: when a company breaks itself into cleaner operating pieces (legacy cable vs. movies), it can make diligence, integration, or even later carve-outs a lot easier for a buyer.

Where it stands right now

Early days. There is no official offer on the table, no agreed terms, and no clear timeline. If the bid becomes real, it will run into the usual regulators with the usual questions: how much consolidation is too much in film, TV, and cable distribution. Translation: even a greenlit deal would not close quickly.

So what about DC?

If Paramount Skydance bought Warner Bros. Discovery outright, DC would go with it. The whole point here is the entire company, not just the studio lot. That is why this is a big deal for anyone who follows movies, TV, and capes-and-cowls content. But again, we are miles from that outcome. For now, it is a well-financed plan being lined up, not a done deal.