Overview
- Warner Bros. Discovery said its board began a formal review of strategic alternatives, including a full sale, transactions for individual units, or continuing the previously announced two-way separation, with no set timeline.
- Media reports identify Paramount Skydance, Netflix and Comcast as interested parties, with the company confirming only that multiple approaches were made for the whole company and for Warner Bros.
- Paramount Skydance’s early proposals were turned down, including offers reported in the low‑$20s per share and a latest bid just under $24 per share that Reuters and CNBC say was also rejected.
- Advisers Allen & Co., JPMorgan and Evercore are working with Warner Bros. Discovery as it evaluates options that could include an alternative separation enabling a Warner Bros. merger and a Discovery Global spin‑off.
- Shares rose roughly 10–11% after the announcement, as analysts cited the company’s heavy debt load—commonly reported around $35–40 billion—and industry consolidation pressures as key drivers for the review.