Media: Paramount Skydance media holding wants to acquire Warner Bros. Discovery

Earlier, media insiders reported that the management of Warner Bros. Discovery plans to sell some of its assets, including unnamed game studios.

But the changes could turn out to be much more sweeping.

Here's What We Know

According to The Wall Street Journal, media holding company Paramount Skydance wants to acquire Warner Bros. Discovery and is submitting a bid to acquire it.

It is expected that the deal will be executed in cash with the participation of the family of American billionaire Larry Ellison - co-founder and head of Oracle Corporation.

The stock market instantly reacted to the announcement and the value of shares of Warner Bros. Discovery rose more than 30 per cent.

Both Paramount Skydance and Warner Bros. Discovery have so far declined to comment.

Source: The Wall Street Journal