JUST IN: Paramount Skydance Preparing to Buy CNN Parent Company In Major Media Consolidation, Report

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Paramount Skydance is planning to make a majority cash bid for CNN parent company Warner Bros. Discovery in an effort to consolidate the media giants, according to reporting in The Wall Street Journal on Thursday.

“The bid will be for the entire company, including its cable networks and movie studio,” people familiar with the situation told WSJ.

Skydance is run by David Ellison, son of multi-billionaire Larry Ellison who co-founded Oracle Corporation.

Skydance officially merged with Paramount in an $8 billion deal just weeks ago after CBS agreed to settle a lawsuit with President Donald Trump for $16 million. Trump had claimed that a 60 Minutes interview with Kamala Harris was “unfairly edited” and put him at a disadvantage in the 2024 election.

CBS has signaled major changes ahead by making apparent overtures to Bari Weiss, leader of media start-up The Free Press. According to The New York Times, “The new owner of CBS News is weighing giving Ms. Weiss the job of editor in chief or co-president of the network, as part of a broader deal to buy The Free Press, according to two people with knowledge of the deal.”

The Times reported that the terms of the deal had not been finalized, “But even the consideration of Ms. Weiss for such a prominent role at CBS News is the strongest sign yet that the network’s new owner, David Ellison, intends to make major changes at the news organization.”

In addition to CBS, Paramount owns Nickelodeon, MTV, Comedy Central, and its movie studio.

This story has been updated.