Paramount Skydance boss David Ellison is pressing ahead with a bid to buy Warner Bros Discovery (WBD) and reportedly has US President Donald Trump’s backing to make it happen.

The deal could reshape the global media landscape and leave Australia’s Network Ten exposed once again.

Ellison, who completed his A$13 billion merger of Skydance and Paramount Global in August, has offered around US$24 a share for WBD, the owner of HBO, CNN and the Warner Bros film studio.

WBD confirmed this week it has received “unsolicited interest” from multiple parties and has begun reviewing “strategic alternatives,” including a full or partial sale.

The bid, first reported by the New York Post, comes as Ellison, son of Oracle co-founder and Trump ally Larry Ellison, is said to be relying on political tailwinds to overcome antitrust hurdles.

Trump’s administration reportedly favours Ellison’s offer over that of Comcast, whose NBC and MSNBC networks have frequently drawn the President’s criticism.

Despite WBD’s share price jumping nearly 11% to US$20.53 on the news, insiders say Ellison is unwilling to pay more than US$25 a share, betting that rival suitors like Comcast, Netflix and Amazon will be blocked on regulatory grounds.

WBD chief executive David Zaslav has already rejected multiple private offers and is said to be seeking closer to US$30 a share, valuing the company above US$70 billion.

But analysts believe Ellison has the financial muscle and political support to wait him out.

For Australia, the implications are significant.

Paramount Skydance owns Network Ten, which remains under review following its disappointing “10 News+” rebrand and shrinking prime-time audience.

Industry sources expect Ellison to offload or restructure the struggling broadcaster as he focuses on building a global media powerhouse spanning Paramount, CBS, HBO, CNN and Warner Bros.

Any merger would unite some of Hollywood’s biggest franchises, including Mission: Impossible, Yellowstone, Batman and Game of Thrones, while also consolidating major news outlets under a single corporate umbrella.

Analysts warn the deal could reduce competition in both the US and Australian markets, where Paramount’s streaming arm, Paramount+, competes directly with Foxtel, Netflix and Disney+.

WBD shares surged almost 10% in New York trading after confirming the company is officially up for sale.