Ellison-Backed Skydance Reportedly Eyes Bid for Warner Bros. Discovery
New York Post reports David Ellison’s Skydance, supported by Larry Ellison’s wealth surge, may pursue an acquisition of the debt-laden media conglomerate
Skydance Media, the company led by David Ellison and intertwined with the Ellison family’s broader holdings, is reportedly preparing a possible bid for Warner Bros. Discovery, the New York Post reported Thursday. The report said the move would be enabled in part by the vast personal wealth of Oracle co-founder Larry Ellison, who is a backer of Skydance’s recent media deals.
Shares of Warner Bros. Discovery rose after the report, which placed the company’s market capitalization at roughly $38 billion following the news and suggested any acquisition could top $40 billion. The Post described the potential transaction as “likely and imminent,” though it cited unnamed sources and did not present details of an agreed price or timeline.
The possible bid comes against a backdrop of significant recent shifts in household wealth tied to Oracle’s strong earnings. Reports this week noted a multibillion-dollar increase in Larry Ellison’s net worth, elevating his capacity to finance large transactions. Skydance, which completed an approximately $8 billion deal to acquire Paramount Global assets earlier this year, has also been reported to be building a media portfolio that could include other high-profile assets.
Warner Bros. Discovery has been managing a heavy debt load since the merger of WarnerMedia and Discovery, and Chief Executive David Zaslav has been reported to have entertained offers for parts of the company in recent months. Media executives and investors have publicly speculated about the future of assets such as CNN, where interest has been reported from parties including Jay Penske, whose Penske Media Group owns outlets including Variety and Rolling Stone. According to the Post, Penske expressed interest in CNN but the offers were viewed by WBD leadership as too low.
Regulatory scrutiny and potential antitrust concerns could complicate any transaction. Analysts and media executives told the Post that ownership overlaps — for example, pairing CNN with CBS assets now under WBD controls — might trigger regulatory review or force divestitures. It remains unclear whether regulators would permit a single owner to hold certain combinations of broadcast and cable news assets.
The Post also reported that Skydance is paying significant sums to acquire or partner with media personalities and outlets. Bari Weiss’s Free Press was described in the report as a transaction that could involve compensation approaching $150 million, with sources saying she would receive equity and be subject to earn-out provisions tied to performance metrics. The report said any cash outlays would be used in part to entice WBD’s leadership to sell, and that compensation packages could include stock rather than only upfront cash.
Skydance’s status as a publicly traded company and David Ellison’s accountability to shareholders were cited by sources as constraints on unlimited spending. Company insiders quoted in the report stated Ellison is conscious of spending and structuring deals to protect shareholder value. The Post also noted Skydance installed a part-time ombudsman to monitor perceived bias at CBS under a settlement tied to an earlier controversy; that role reportedly pays $250,000 a year for about one day of work each month.
Representatives for Skydance, Warner Bros. Discovery and Jay Penske did not immediately comment on the Post report, and the Post attributed several details to unnamed insiders. The company’s moves come as the broader media business faces structural challenges: movie theater attendance remains below prior norms and streaming has not delivered the robust profit margins once anticipated, industry commentators say.
If a bid materializes, the future of key WBD properties — including CNN and CBS News — would likely be central to regulatory and strategic deliberations. Analysts say any buyer would need to outline plans for the company’s debt and operational strategy in a market that has seen consolidation, divestitures and strategic partnerships as common responses to slowing legacy revenues.
At this stage, the report provides a snapshot of interest and capacity rather than confirmed deals. Market participants will be watching for formal announcements, regulatory filings and statements from the companies involved to determine whether discussions progress into a negotiated transaction and, if so, what assets and terms would be included.