Warner Bros Discovery Inc (NASDAQ:WBD, ETR:J5A) said on Tuesday it is expanding its strategic review of the business and is open to a potential sale following unsolicited interest from multiple parties, sending its shares up more than 10%.
The company’s board has begun evaluating options intended to maximize shareholder value, including continuing with its planned split, selling the entire company, or pursuing separate transactions for its Warner Bros and Discovery Global segments.
WBD had previously announced plans to separate into two entities, a streaming and studios business and a global networks business, by mid-2026.
The company confirmed on Tuesday that it has received “unsolicited interest” from several parties, and all options will be reviewed.
“We continue to make important strides to position our business to succeed in today’s evolving media landscape by advancing our strategic initiatives, returning our studios to industry leadership, and scaling HBO Max globally,” CEO David Zaslav said in a statement.
“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.”
According to media reports, Paramount Global has expressed interest in a majority-cash bid, though initial offers have been rejected. Other parties reportedly interested include Netflix and Comcast.