Warner’s market value stood at about $33 billion early Thursday, more than twice Paramount Skydance’s size|Rob Corder|CC BY-NC 2.0

Paramount Skydance is preparing a majority cash bid for Warner Bros. Discovery, backed by the Ellison family, reports the Wall Street Journal.

The offer would cover Warner’s entire business, including its cable networks and movie studio.

Warner had announced plans to split into two divisions—legacy cable and streaming with studios—but Paramount’s move seeks to pre-empt rival bids from tech giants like Amazon and Apple.

Warner’s market value stood at about $33 billion early Thursday, more than double that of Paramount.

Still, shares of Warner jumped nearly 30% after reports of the potential bid, while Paramount Skydance shares climbed 16%. 

If successful, the deal would unite Warner’s Barbie, Harry Potter, DC Comics, and cable like CNN and TNT with Paramount’s Nickelodeon and MTV.

Regulators could closely scrutinize such a powerful Hollywood combination.