Paramount Skydance is preparing a bid to buy Warner Bros. Discovery, according to The Wall Street Journal.

A report published Thursday cited sources who told the Journal that Paramount Skydance, which went through its own merger last month and is now being led by David Ellison, is seeking to acquire the movie studio and cable networks run by one of the company's top rivals.

If completed, the deal would mark the largest merger of two legacy Hollywood studios under one corporate umbrella.

Warner Bros. Discovery announced in June that the company was splitting the studio from its cable networks . The spinoff company, dubbed Discovery Global Networks, included CNN, TBS and TNT. It is unclear whether the corporate split would be halted as a result of a Paramount Skydance bid.

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