Paramount Skydance, backed by the family of CEO David Ellison, is getting ready to make a bid to take over all of Warner Bros. Discovery before the two companies can go through with their plan to split, per a new report from The Wall Street Journal. If such a deal happens, it would put networks as diverse as CBS, CNN, TCM, and MTV under one roof and result in the combination of two historic Hollywood studios, Paramount Pictures and Warner Bros. There has been speculation in multiple media outlets for months about something like this happening — the idea of HBO Max and Paramount+ combining into a single app is a no-brainer — but the speed with which it could be coming together, so soon after Skydance closed its deal for Paramount, does feel a tad surprising. Deadline is also confirming the WSJ story, though it throws a bit of cold water on how much urgency there is to the bid: “Nothing new there, he’s just taking a closer look, assessing the pros and cons,” says a Paramount source quoted by the trade outlet.

We’re probably still a long way away from such a deal actually becoming reality (if it does), and to be clear: No offer has been made. It’s also not clear how WBD management and shareholders would react — though WBD stock soared nearly 30 percent after the WSJ story broke — or whether news of this possible bid brings out other potential buyers. It’s still early days.

That said, given how much Hollywood loves a merger these days, it’s always worth thinking about what comes next and what such a mash-up of media giants might bring — for good and (mostly ill). Some immediate questions and thoughts about the possibility of Para Bros.:

➼ If the Ellisons get control of WBD, they get control of CNN. Given how much Paramount has pushed CBS News rightward in the past couple weeks, it’s easy to imagine the Trump White House won’t stand in the way of the Ellisons taking over WBD. In fact, one could see it happily pushing for a deal that would put CNN in the hands of owners even more accommodating than its current overseers.

➼ Bari Weiss, founder of the right-wing outlet The Free Press, is rumored to be in line for a major gig at CBS News. If this deal happens, will she end up overseeing a CBS News powered by CNN — or all of a combined CNN-CBS News?

➼ Will the studio attrition from five major studios to a mere four accelerate moviedom’s seemingly endless doom cycle of sequels, reboots, and tired IP retreads? Coming just a half-dozen years after Disney’s $71.3 billion swallowing of 21st Century Fox, the Para Bros. merger would necessarily trigger a cascade of industry executive layoffs but also drastically reduce the number of studio suitors vying for hot, original movie projects. That would leave less room for new filmic voices and engender frictionless pushback against the kind of corporate groupthink responsible for the boring sameness behind our current multiplex malaise. (Exhibit A: This summer delivered the worst cumulative box-office returns since 1981 adjusted for inflation and discounting COVID lockouts.)

➼ Given the trend toward streaming consolidation (see Hulu on Disney+), importing the relatively small content offering of Paramount+ into HBO Max feels like a given under any merger scenario. That said, David Ellison has already started working to dramatically improve the tech of Paramount+ and HBO Max has had its own user-experience issues. It’s quite possible the end result of a deal would be the creation of a totally new platform with, yes, another new name. HBO Max, we hardly knew ye.

➼ The amount of layoffs that would result from this merger is depressing to consider. As it is, Paramount Skydance is already planning to pink-slip thousands of employees this fall. The pain will be real and deep.

➼ Will putting DC and Star Trek in the same corporate family give us the Star Trek–Superman crossover some Trekkers have fantasized about? Who knows, but the IP-sharing potential of a Warners/Paramount combo is huge. The same company would control The Godfather and The Sopranos, Top Gun and Barbie, I Love Lucy and Friends.

➼ Assuming Para Bros. stays in the cable business, would ancient enemies Nickelodeon and Cartoon Network team up to give the new entity enough IP to better take on Disney? Or would the new company care about kids and animation at all?

➼ And the most important question of all: Will David Zaslav, fresh off his role in the new Sphere remix of The Wizard of Oz, get himself a cameo in the next Yellowstone spinoff? Or will he ride off into the retirement sunset, having successfully added tens of millions to his net work this decade?

Chris Lee contributed to this report.

 David Ellison’s company is reportedly prepping an industry-shaking bid. We have questions.