Paramount Skydance is weighing a takeover offer for Warner Bros. Discovery that could value the company at $22 to $24 per share, CNBC reported Friday.

Sources cautioned the price remains speculative and the timing of a bid could slip beyond earlier expectations. Warner Bros. Discovery stock rose about 1.5% in morning trading, hovering near $19.

A deal could be structured with roughly 70% to 80% in cash, backed in part by Oracle co-founder Larry Ellison, father of Paramount Skydance CEO David Ellison. The balance would be paid in stock, Faber said.

Paramount Skydance, fresh off its own merger, is positioning itself to create a media powerhouse with two major studios, a slate of pay-TV networks, and prized sports rights. The move could short-circuit Warner Bros. Discovery’s recently unveiled plan to split its global TV networks from its streaming and studio assets.