Warner Bros Discovery is set to sell its entire operation, including its cable networks and movie studio, the report said. The company revealed late last year that it intended to reorganise into two separate divisions, one focused on its traditional cable TV business and the other on streaming and studios.

Skydance is run by David Ellison, the son of Oracle co-founder and billionaire Larry Ellison. The major bid comes weeks after Skydance bought Paramount Global for $8.4 billion. This deal is expected to bring some of the best-known entertainment brands under a single corporate entity, including DC Comics superheroes such as Superman and Nickelodeon's SpongeBob SquarePants, science-fiction franchises like The Matrix and Star Trek, and news networks CBS News and CNN.