The man who briefly topped the Bloomberg Billionaires Index, Oracle  (ORCL)  Founder and CTO Larry Ellison, is not resting on his ascendant wealth. Instead, reports say he’s pulling out the big checks for a big, all-cash purchase. It has nothing to do with Oracle, the fast-growing cloud giant.

Instead, Larry has his eyes on moves at Paramount Skydance  (PSKY) , the product of a multibillion dollar merger between the ailing Paramount and Skydance Media. Skydance, run by family scion David Ellison, received much of its funding for the buyout from the family fortune. He nows serves as the Founder and CEO of the freshly-formed entertainment conglomerate.

It might be about to get bigger, per a report from WSJ that says that Paramount Skydance is readying up a deal that could one-up their $8 billion Paramount buy. This time, it has its eyes on the debt-encumbered Warner Bros. Discovery WBD, the parent company of HBO. It could fetch a $40 billion offer, reportedly all- or majority cash.

That cash would mostly come courtesy of Larry Ellison, who now boasts a $383 billion fortune per Bloomberg; recently trading blows with Tesla CEO Elon Musk for the top spot on the billionaires list. His fortune has grown over $191 billion this year as Oracle stock has exploded to new heights. 

Such a deal would usually prove difficult to close for a smaller firm — Paramount Skydance stock was valued at nearly $8 billion on Thursday — but with Ellison’s billions at hand, the acquisition could tie-up the HBO and Paramount+ owner, creating a media giant with increased scale and distribution to compete with entertainment giant Disney  (DIS)  and NBCUniversal owner Comcast  (CMCSA) .

Still, the Ellisons will have to act quick: Warner Bros. Discovery is currently in the process of splitting itself into two separate businesses, which would obviously complicate the matter. Their bid could also inspire copycat bidders to come out of the woodwork.

A takeover bid could make inroads or fall apart in the coming days. Given the scale, it would ordinarily face antitrust inquiry, but given Larry Ellison’s close ties with the President, the Justice Department or Federal Trade Commission might choose not review the deal. 

In the meantime, their respective stocks are reacting. Warner Bros. Discovery stock soared nearly 29% on Thursday, while adding additional gains in after hours. Even Paramount Soared 15.5%, an unusual move considering acquiring firms are usually penalized by the market after announcing big deals.