Warner Bros. Discovery Puts Itself in Play, Weighs Bids for All or Parts of the Company

Variety, NBC News, the New York Times, Bloomberg, and Axios contributed to this report.

Warner Bros. Discovery says it’s fielding “unsolicited interest” from multiple suitors — for the whole company and for its standalone Warner Bros. studios/streaming unit — and has kicked off a review of “strategic alternatives.”

Shares jumped about 10% in morning trading to above $20 after the announcement.

What’s on the table: everything from a full sale to separate deals for Warner Bros. and/or Discovery Global. The board is also considering a twist on its already-announced breakup — merging Warner Bros. with a third party while spinning off Discovery Global to shareholders. WBD is still targeting April 2026 to complete the previously planned Warner/Discovery split.

The backdrop: Paramount Skydance has been chasing a takeover, but WBD has reportedly rebuffed a $20-per-share offer as too low and, on Tuesday, turned down a mostly-cash bid “near” $24, per Reuters.

CEO David Zaslav said the company’s portfolio is drawing “increased recognition,” and that the review aims to “unlock the full value of our assets.” Board chair Samuel Di Piazza Jr. added that the planned separation still looks compelling but widening the scope is “in the best interest of shareholders.”

There’s no deadline, and aside from the in-progress separation, WBD says there’s no guarantee this process results in any deal. Don’t expect blow-by-blow updates either; the company won’t say more unless it approves a specific transaction.

Advisers on the process: Allen & Co., J.P. Morgan and Evercore (financial), with Wachtell Lipton and Debevoise & Plimpton as legal counsel.