AsianFin -- Shares of Warner Bros. Discovery surged nearly 30% in New York on Thursday following a Wall Street Journal report that Paramount Skydance is preparing to acquire the media giant. Paramount Skydance’s stock also climbed roughly 16% in daily trading.

The potential deal is said to be a majority-cash bid for Warner Bros. Discovery in its entirety, encompassing its movie studio operations and cable networks, including HBO and CNN.

Warner Bros. Discovery had previously announced plans to split into two divisions: one focused on cable television and the other on streaming services and studio content. The reported acquisition could reshape the competitive landscape of Hollywood, combining major content and distribution assets under a single entity.

Market analysts noted that investors responded enthusiastically to the prospect of a premium buyout, driving the stock rally. Details on the timing, valuation, or regulatory review for the deal remain unclear, and both companies have yet to make official statements.