Overview
- Warner Bros. Discovery said it initiated a review of strategic alternatives after receiving unsolicited interest for the whole company and for Warner Bros., sending shares up roughly 7%–11%.
- Reporting indicates the process is moving into a more structured phase, with bankers engaged and nondisclosure agreements going to prospective bidders, though the company has set no timeline.
- Paramount Skydance remains the most active suitor; the board previously rejected an initial offer around $20 a share and, per Reuters, turned down an almost $24 mostly cash bid, with the New York Post reporting a subsequent $23.50 proposal.
- Other potential buyers have been linked to interest in some or all assets, including Comcast and Netflix, though neither has confirmed plans to bid.
- WBD says its previously announced plan to split into Warner Bros. (streaming and studios) and Discovery Global (networks) by mid-2026 remains on track as it evaluates whether a sale would deliver greater value.