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.

Pacer Advisors recent purchase of more than 22 million shares of Warner Bros. Discovery stock looks like a particularly well-timed investment. The transaction, worth roughly $300 million, comes as rumors swirl that Warner Bros. has drawn interest from a deep-pocketed admirer, David Ellison.

Paramount is preparing to make a bid for Warner Bros. Discovery, a source familiar with the matter told NBC News. The news was previously reported by The Wall Street Journal and CNBC. High profile members of both Paramount and Warner Bros. Discovery told ...