Weeks after closing its merger with Paramount, David Ellison’s Skydance is back at it.

Today, The Wall Street Journal reported that Ellison, the son of billionaire Larry Ellison, and his Paramount Skydance company are preparing a majority cash bid for Warner Bros. Discovery.

According to the report, the bid is for the entire company, including the cable networks and movie studio.

Ahead of the Journal’s report, WBD had been planning to split into two entities: Warner Bros., which will comprise the streaming and studios divisions, and Discovery Global, which will include the global networks. The split was planned for mid-2026.

WBD’s stock surged after the report of the deal, climbing more than 30%, while Paramount’s grew around 6%.

Reps for Paramount and WBD didn’t immediately return ADWEEK’s request for comment. The Journal noted that a bid hasn’t been submitted, and the deal could fall apart.

In 2023, Paramount and WBD reportedly also held talks about a potential merger, with Warner Bros. Discovery CEO David Zaslav meeting with former Paramount Global CEO Bob Bakish at the time. However, that deal ultimately never came to fruition.

Skydance’s $8 billion merger with Paramount closed just last month, with the FCC giving the deal its approval in late July.

So what would this mean for the industry?

According to Mike Proulx, vp, research director, Forrester, the deal “feels like it’s coming from the plot of HBO’s Succession” and has the potential to “redefine the streaming landscape.”

“A new streaming service by combining HBO Max with Paramount+ would have the scale to better compete against Netflix and the unified Disney+ and Hulu library,” Proulx said. “This could be good for consumers in the form of cost savings, but it also would reduce marketplace choice. What’s clear is that as the streaming market matures, it’s looking a whole lot like the OG television industry—all the way back to when there were just a few big networks and studios.”