Paramount-Skydance Media is preparing a potential acquisition bid for Warner Bros. Discovery, with the proposed offer price potentially ranging between $22 to $24 per share. This price range remains speculative, and the timing of any formal bid announcement may be later than initially anticipated.

During Friday's early trading session, Warner Bros. Discovery (WBD) shares gained approximately 1.5%, trading around $19 per share.

Last week, reports emerged that the newly merged Paramount-Skydance Media entity was preparing a predominantly cash-based bid for Warner Bros. Discovery. Such a move could preemptively halt Warner Bros. Discovery's planned spin-off, potentially creating a media powerhouse that would control extensive pay-TV networks, sports broadcasting rights, and two major film studios.

Warner Bros. Discovery had previously announced plans to separate its global television networks business from its streaming and studio operations.

The formal acquisition proposal would likely comprise 70% to 80% cash, with partial funding expected from Oracle co-founder Larry Ellison, who is also the father of Paramount-Skydance Media CEO David Ellison. The remaining portion would potentially be paid in stock form.