Paramount Global is reportedly gearing up for one of the boldest media moves in years, preparing a majority cash bid to buy Warner Bros. Discovery. Backed by the billionaire Ellison family, the potential deal would bring Warner’s entire empire, including its movie studios, TBS, TNT, and cable networks, under Paramount’s control, sending shockwaves across the entertainment world.

The Wall Street Journal reports that Paramount wants it all, just months after Warner Bros. Discovery reorganized its business into two core divisions, signaling a major transition that could now lead to a full takeover.

The Ellison family, already entrenched in Hollywood through Skydance Media, is expected to bankroll the deal. Combined with Paramount’s recent deal to bring UFC content to Paramount+ and CBS, the move positions the company to reshape both streaming and television on a massive scale.

But the ripple effects go beyond film and TV. Warner Bros. Discovery is the home of AEW through TBS and TNT, while Paramount’s new ties to UFC bring WWE content into the mix. If this merger goes through, it could set up one of the fiercest battles yet for wrestling on cable.

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