Shares of Warner Bros. Discovery surged over 30% after reports of a possible takeover bid from Paramount Skydance. No offer has been made yet. Paramount Skydance shares rose 8% in response. Warner Bros. Discovery plans to split its TV networks from its streaming business. CEO David Zaslav expects the separation to be completed by April. The media industry is undergoing transformation due to streaming. Warner Bros. Discovery and Comcast are separating their pay TV businesses. Consolidation is expected in the industry.

Read more at CNBC: Warner Bros. Discovery stock soars after report Paramount is preparing a bid