Warner Bros Discovery Eyes Possible Sale as Media Titans Circle

Warner Bros Discovery, the parent company of CNN and HBO Max, has confirmed it’s exploring a potential sale following unsolicited interest from rival media giants, in what could become the biggest media shake-up since Disney bought Fox.

In a Tuesday announcement, the New York–based conglomerate said it’s considering “strategic alternatives” after multiple takeover approaches. According to CNBC, Netflix and Comcast are among the interested buyers, following an earlier offer from Paramount-Skydance that was deemed too low.

The possible sale follows Warner Bros Discovery’s June decision to split its operations, separating Warner Bros from Discovery Global, and to double down on streaming. CNN’s recent launch of CNN All Access, two years after the failure of CNN+, underscores that shift.

The company is also weighing a spin-off option that would merge Warner Bros and separate Discovery Global, essentially a structural reboot aimed at making parts of the empire easier to sell or merge.

Behind much of the buzz sits David Ellison, Paramount-Skydance CEO and son of Oracle cofounder Larry Ellison, the world’s second-richest man and a key ally of President Donald Trump. Bloomberg previously reported that Warner Bros Discovery rejected an earlier Ellison offer of roughly $20 per share, but industry watchers expect him to return with a bigger bid.

Analysts say Ellison’s deep-pocketed family backing could smooth regulatory hurdles for any acquisition. That possibility has raised alarms about press freedom, given CNN’s potential change of ownership.

Veteran anchor Dan Rather warned that “Americans have to be concerned about the consolidation of huge billionaires getting control of nearly all of the major news outlets,” adding, “It’s pretty hard to be optimistic about the possibilities of the Ellisons buying CNN.”

Ellison’s post-merger management moves have already drawn fire. He appointed Bari Weiss, a right-leaning commentator with no TV experience, to head CBS’s broadcast operations after his Paramount-Skydance takeover, and installed Kenneth Weinstein, a former Trump nominee, as CBS News ombudsman to investigate “bias.”

Critics see it as part of a broader cultural pivot. Supporters call it a necessary correction to “liberal groupthink” in American media.

Investors, meanwhile, are betting on the next megamerger. Warner Bros Discovery stock jumped 10.8% after the announcement, while Netflix and Comcast rose slightly. Paramount-Skydance slipped 1.3% as traders weighed its ability to fund another major bid.