Core Viewpoint - Warner Bros. Discovery's stock experienced significant volatility, rising over 30% amid news of a potential acquisition by the Ellison family, who recently completed a deal for Paramount [1][4]. Group 1: Stock Movements - As of Thursday's close, Warner Bros. Discovery's stock rose by 28.95%, while Paramount's SkyDance increased by over 15.55%, and Oracle's stock fell by over 6% [2]. Group 2: Acquisition Details - Paramount SkyDance is preparing a cash-based majority stake acquisition proposal targeting Warner Bros. Discovery, aiming to finalize the deal before tech giants like Apple and Amazon intervene [4]. - The Ellison family, led by David Ellison, recently completed a $60 billion acquisition of Paramount, with an additional $20 billion from RedBird Capital [5]. - To acquire Warner Bros. Discovery, the required funds could exceed $60 billion, considering its market value of over $30 billion and over $30 billion in debt [5]. Group 3: Strategic Implications - If the acquisition is successful, the Ellison family would establish a leading media empire in the U.S., with Warner Bros. Discovery owning notable assets like HBO Max and CNN [6]. - The potential merger could trigger antitrust reviews, marking it as the largest Hollywood merger since Disney's $71 billion acquisition of Fox's entertainment assets in 2019 [6].