Warner Bros

WBD

Market cap $45.7B

The media mogul is preparing to finally submit an official merger bid for Warner Bros. Discovery, On The Money has learned – but don't expect wedding bells and rose petals anytime soon.

WBD's 67.7% rally is backed by stronger streaming and studio execution, but separation risks and competition keep the stock a hold for now.

A sprawling array of streaming, cable and film properties could position a combined company to better compete with media and tech giants.

WBD leans on big franchises and digital pivots to stabilise its distribution arm amid shifting media habits and earnings pressure.

David Ellison is still giving mixed signals about what he'll offer and appears bent on forcing WBD's board to pressure Zaslav.

Major U.S.stock indexes rose sharply Monday morning after President Donald Trump softened his tone on China. The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite were each up at least 1.3% in recent trading, recovering from a selloff on Friday.

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CNBC's Andrew Ross Sorkin reports on the latest news.

David Ellison's company could take a plan to create a sprawling media conglomerate directly to shareholders.