Paramount Skydance is preparing a majority cash bid for Warner Bros Discovery that is backed by the Ellison family, The Wall Street Journal reported Thursday.

Shares of Warner Bros jumped 20% while Paramount was up 2% after the news.

The bid will be for the entire company, including its cable networks and movie studio, the report said, citing people familiar with the situation.

Warner Bros said late last year it planned to restructure into two operating divisions, one focused on the legacy cable TV business and the other on streaming and studios.

Paramount declined to comment while Warner Bros did not immediately respond to a Reuters request for comment.