Paramount is preparing to make a bid for Warner Bros. Discovery , a source familiar with the matter told NBC News.

The news was previously reported by The Wall Street Journal and CNBC .

High profile members of both Paramount and Warner Bros. Discovery told NBC News that there have been discussions about a bid being in the works.

Representatives for Paramount Skydance and Warner Bros. Discovery did not immediately respond to requests for comment on Thursday. Warner Bros. Discovery stock surged about 27% while Paramount's jumped 13%.

The offer would come about two months after the Trump administration approved Paramount’s takeover by Skydance , which is run by David Ellison, son of Oracle co-founder and Trump ally Larry Ellison.

The bid, which would reportedly be a majority cash

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