The Ellisons are mulling a Paramount Skydance acquisition of Warner Bros. Discovery before WBD splits in two, perhaps to preempt a bidding war.

Key Takeaways Enthusiasm about the possibility of a major industry deal helped two media giants extend their rally on Friday, Sept. 12, 2025, while shares of vaccine makers lost ground.Warner Bros. Discovery and Paramount Skydance shares surged for the second straight day as investors mulled reports that Paramount is preparing a buyout bid.

Warner Bros. extends sharp gains after a report says Paramount Skydance is preparing a takeover bid for the entertainment company.

Matt Belloni, Puck founding partner, joins 'Squawk Box' to discuss reports of Paramount Skydance preparing an all-cash takeover bid for Warner Bros. Discovery, impact on the media industry, and more.