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Paramount Skydance has strongly denied a recent report claiming it is working with Middle Eastern sovereign wealth funds on a $71 billion bid for Warner Bros. Discovery (WBD).

A spokesperson for the company called the story "categorically inaccurate," emphasizing that the acquisition process is confidential.

Variety had reported on Tuesday that Paramount Skydance, led by CEO David Ellison, was assembling the massive offer with support from Saudi Arabia's Public Investment Fund, the Qatar Investment Authority, and the Abu Dhabi Investment Authority.

According to the report, each of the sovereign funds would contribute $7 billion, while Paramount Skydance would cover $50 billion.

The WBD board previously rejected multiple offers from Paramount, including one for $24 per share.

"The information Variety published is categorically inaccurate," the Paramount spokesperson told The Post.

"This is a confidential process, which we respect and, as such, will not be commenting until the process is over."

Representatives for the Middle Eastern funds did not immediately respond to requests for comment.

Paramount Skydance Seen as Only Full WBD Bidder

Despite the denial, shares of WBD jumped by as much as 6.4% in New York following the initial report, before leveling off.

Paramount shares also rose briefly by 3.7%. WBD, which owns major assets like HBO, CNN, Warner Bros. film studio, and the Food Network, officially put itself up for sale in October, setting a November 20 deadline for initial bids.

Paramount Skydance is believed to be the only bidder interested in acquiring WBD entirely. Other companies, including Netflix and Comcast, are expected to submit offers for WBD's movie and streaming divisions.

According to Variety, Comcast CEO Brian Roberts recently visited Saudi Arabia as part of his exploration of a potential bid.

If a deal were to succeed, a merger between Paramount and WBD would create one of the largest media companies in the world, combining two major film studios with leading news networks.

However, WBD CEO David Zaslav reportedly prefers splitting the company, separating its profitable streaming and film assets from its struggling cable TV networks.

David Ellison's push to acquire WBD comes just months after he acquired Paramount and merged it with Skydance, positioning him to compete more aggressively in Hollywood.

While any acquisition would face regulatory scrutiny, Ellison's family influence and high-profile presence in the industry continue to draw attention.