According to The Wall Street Journal, Paramount Skydance is preparing a majority cash bid to acquire Warner Bros. WBD shares surged nearly 30 per cent in afternoon trading, lifting its market capitalisation to more than $33 billion, while Paramount Skydance stock also jumped more than 6 per cent. Warner Bros. Discovery had been plotting a mid-2026 breakup into two separate entities: Warner Bros. (studios and streaming) and Discovery Global (international cable networks). By floating a takeover before that split, Paramount Skydance appears intent on pre-empting a bidding war that could attract tech giants like Amazon or Apple.