The company announced it has begun a review of “strategic alternatives” in response to “unsolicited interest” from various parties, concerning both the company as a whole and specifically Warner Bros.
Warner Bros. Discovery did not disclose the sources of this interest, and a spokesperson stated that the company could not provide additional information when contacted.
This review follows a surge in reports about a potential bidding war.
Citing anonymous sources familiar with the matter, The Wall Street Journal reported that Skydance, which owns Paramount, approached Warner regarding a potential majority cash offer, largely backed by the Ellison family [of Larry Ellison, co-founder and former CEO of Oracle], at the end of September. However, Warner’s CEO, David Zaslav, declined.
CNBC also reported that Netflix and Comcast are among the interested parties, citing unidentified sources.
Paramount, Netflix, and Comcast were contacted for comments.
In June, Warner Bros. Discovery outlined plans for HBO, HBO Max, as well as Warner Bros. Television, Warner Bros. Motion Picture Group, and DC Studios to become part of a new streaming and studio company — while its networks like CNN, Discovery, and TNT Sports, along with digital products like the streaming service Discovery+ and Bleacher Report, would form a separate segment in cable.
Warner expected the split to be completed by mid-2026 and stated today that this plan remains among the options being considered.
Shares of New York-based Warner Bros. Discovery rose 9% early in the session today.
