Warner Bros. Discovery, which counts CNN and HBO among its assets, announced Tuesday it is for sale amid interest from several suitors.
The company previously announced plans to separate Warner Bros. and Discovery Global into two companies but announced that “unsolicited interest” from multiple parties for both the entire company and Warner Bros. gave the board of directors something to think about.
“After receiving interest from multiple parties, we have initiated a comprehensive review of strategic alternatives to identify the best path forward to unlock the full value of our assets,” Chief Executive David Zaslav said in a statement Tuesday morning.
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Board of Directors chair Samuel A. Di Piazza, Jr. added, “Our decision to initiate this review underscores the Board’s commitment to considering all opportunities to determine the best value for our shareholders.”
Warner Bros. Discovery announced in June that the company was splitting the studio from its cable networks. The spinoff company, Discovery Global Networks, included CNN, TBS and TNT. The plan was for Zaslav to lead the streaming and studios business after the split, while CFO Gunnar Wiedenfels would lead the global networks unit.
“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,” Zaslav said on Tuesday. “It’s no surprise that the significant value of our portfolio is receiving increased recognition by others in the market.”
The company’s shares jumped 9 percent following the announcement.
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Warner Bros. Discovery will evaluate “a broad range of strategic options, which will include continuing to advance the Company’s planned separation to completion by mid-2026, a transaction for the entire company, or separate transactions for its Warner Bros. and/or Discovery Global businesses” and will “consider an alternative separation structure that would enable a merger of Warner Bros. and spin-off of Discovery Global to our shareholders.”
Warner Bros. Discovery also noted there is “no deadline or definitive timetable set for completion of the strategic alternatives review process,” and the company “does not intend to make any further announcements regarding the review of strategic alternatives unless and until the Board approves a specific transaction or otherwise determines further disclosure is appropriate or necessary.”
Zaslav oversaw the Time Warner-Discovery merger completed in April 2022, which combined media properties such as HBO, CNN, the Food Network, the Cartoon Network and Warner Bros. Studio.
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Paramount Skydance has long been rumored to be interested in buying Warner Bros. Discovery.
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Fox News Digital’s Joseph A. Wulfsohn and Eric Revell contributed to this report.
