Earlier today, I was writing that media mergers were one of the Trump-trade themes following the election. It’s been slow to unfold but it suddenly got much better as the WSJ is reporting that Larry Ellison is backing a Paramount Skydance bid to buy Warner Bros. Discovery.
The bid is said to be primarily cash.
“The bid will be for the entire company, including its cable networks and movie studio, the people said,” the WSJ reports.
Shares of WBD are up 17% on the day in a spike after the report.
Skydance is run by Ellison’s son David and he doesn’t appear to be wasting any time as just weeks ago he closed a deal to merge with Paramount.
WBD shares intraday
Larry Ellison was in the news just yesterday as he passed Elon Musk (briefly) to become the world’s richest man. He gained $100 billion in net worth on a +35% rally in Oracle shares. The total market cap of WBD is about $37 billion.
