Hollywood is about to face a major earthquake! Reports say that Paramount Skydance (PSKY.US) is planning to acquire Warner Brothers Discovery Inc. (WBD.US).

According to the Zhitong Finance APP, sources revealed that Paramount Skydance (PSKY.US), which was newly merged in August this year, is preparing to bid for its competitor Warner Bros. Discovery (WBD.US). Sources said that Paramount Skydance is in talks with an investment bank regarding the acquisition offer, but has not yet had any negotiations with Warner Bros. Discovery. In response to this news, Warner Bros. Discovery rose nearly 29% on Thursday, while Paramount Skydance gained over 15%.