(Reuters) – Paramount Skydance is preparing a majority cash bid for Warner Bros Discovery that is backed by the Ellison family, the Wall Street Journal reported on Thursday, citing people familiar with the situation.

Shares of Warner Bros surged nearly 30% while Paramount was up 7% after the news.

The bid will be for the entire company, including its cable networks and movie studio, said the report, which comes just weeks after David Ellison’s company Skydance bought Paramount Global for $8.4 billion. David Ellison is the son of billionaire Larry Ellison.

Paramount declined to comment while Warner Bros did not immediately respond to a Reuters request for comment.

The potential bid underscores intensifying consolidation pressures in the media sector, as traditional players race to gain

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