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David Ellison looks to be buying up a media empire.

The CEO and chairman of the newly minted Paramount Skydance has tapped an investment bank to help prepare a takeout offer for Warner Bros. Discovery , according to people familiar with the matter who spoke on the condition of anonymity to discuss nonpublic dealings.

Warner Bros. Discovery had yet to receive an offer as of Thursday, according to people familiar. However, shares of the company soared almost 30% Thursday afternoon, notching the stock's best day of trading on record.

Representatives for Paramount and Warner Bros. Discovery declined to comment.

Bringing Warner Bros. Discovery into the fold would add to Ellison's growing list of franchise a

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