Explore the latest developments concerning Warner Bros. Discovery.
Warner Bros. Discovery puts itself up for sale
Warner Bros. Discovery, the owner of HBO, CNN and other streaming and studio businesses, said Tuesday it is putting itself up for sale.
In a press release, the company announced "a review of strategic alternatives to maximize shareholder value," which is Wall Street speak for a sale. Warner Bros. Discovery (WBD) said it had recently received "unsolicited interest" from "multiple parties for both the entire company and Warner Bros." alone.
WBD houses a variety of media businesses, from cable networks and news outlets to popular franchises, movie studios and streaming platforms. The company also holds the rights to broadcast a range of sports internationally, from the Olympics and the French Open in Europe to the Premier League in the U.K.
Warner Bros. Discovery considers breakup options, citing 'unsolicited' takeover interest
Warner Bros. Discovery (WBD) said Tuesday it has launched "a review of strategic alternatives" following what it said was "unsolicited" interest from multiple parties for both the entire company and its Warner Bros. studio division.
Shares, as a result, were up more than 11% in midday trading.
According to a statement, the media giant said the board will evaluate a range of options, including completing its planned split into two independent companies, Warner Bros. and Discovery Global, or pursuing a sale of all or parts of the business.
The separation, first announced earlier this year, remains on track for completion by mid-2026.
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Warner Bros. Discovery says it's open to a sale; shares jump 10%
Warner Bros. Discovery said Tuesday it's expanding its strategic review of the business and is open to a sale, sending shares of the company 10% higher in morning trading.
Earlier this year, WBD announced plans to split into two separate entities, a streaming and studios business and a global networks business. It's also been fielding takeout interest from the newly merged Paramount Skydance.
But on Tuesday, WBD said it's received "unsolicited interest" from multiple parties and will now review all options. The company said it's still moving toward the previously announced separation in the meantime.
"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."