Warner Bros Discovery confirms buyout interest and is considering its options

Just months after announcing plans to split into two companies, Warner Bros Discovery has signalled that it may be open to a sale of its business.

In an announcement on Tuesday, the entertainment giant said it had initiated a review of “strategic alternatives” in light of “unsolicited interest” it had received from multiple parties for both the entire company and Warner Bros specifically.

Warner Bros Discovery did not specify where that interest was coming from, but its review arrives after growing reports of a potential bidding war.

Citing anonymous sources familiar with the matter, the Wall Street Journal reported that Skydance-owned Paramount approached Warner about a potential majority-cash offer in late September, but that Warner chief executive David Zaslav had rebuffed those first overtures.

CNBC also reported that Netflix and Comcast are among the interested parties, citing unnamed sources.

Back in June, Warner Bros Discovery outlined plans for HBO, HBO Max, as well as Warner Bros Television, Warner Bros Motion Picture Group and DC Studios, to become part of a new streaming and studios company – while its networks such as CNN, Discovery and TNT Sports and digital products such as the Discovery+ streaming service and Bleacher Report would make up a separate cable counterpart.

Warner expected the split to be complete by mid-2026 — and said on Tuesday that continuing to advance this separation was still among the options it is now considering.

“We took the bold step of preparing to separate the company into two distinct, leading media companies, Warner Bros and Discovery Global, because we strongly believed this was the best path forward,” Mr Zaslav said in a statement.

Still, he added, “it’s no surprise that the significant value of our portfolio is receiving increased recognition by others in the market”.

The company said that there is no definite timeline for its review process — and noted that, beyond the separation that is already under way, “there can be no assurance” that the process will result in a transaction.

Shares of Warner Bros Discovery, headquartered in New York, had jumped more than 11% by midday trading on Tuesday.