David Ellison, the media mogul who took over Paramount just last month, has already set his sights on another blockbuster deal: He wants to buy Warner Bros. Discovery.

Shares in Warner Brothers Discovery and Paramount Skydance have surged following reports that Paramount Skydance is preparing an offer to buy the rival studio.

“By acting now, [Paramount Skydance] positions itself to secure the entire company before rivals can cherry-pick the most attractive assets.”