The dust has barely settled on the Paramount Skydance merger but the newly merged media company reportedly has another merger in its sights. The David Ellison-led company reportedly wants to buy Warner Bros. Discovery, which itself is currently in the process of breaking itself up into smaller media companies.

Here’s what you need to know about reports of a Paramount Skydance-Warner Bros. Discovery merger, including the prominent media properties Paramount Skydance would own if the deal went through.

What’s happened?

Yesterday, the Wall Street Journal reported that Paramount Skydance was preparing a bid to buy its rival Warner Bros. Discovery, citing anonymous sources. CNBC and other outlets also reported the rumored plan.

The deal, according to WSJ, would be a majority all-cash one th

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