- Warner Bros. Discovery is exploring a possible sale after receiving interest from multiple potential buyers.
- Shares jumped more than 10 percent Tuesday following news of the company’s strategic review.
- The move comes as WBD continues separating its cable networks from its streaming and studio assets.
Warner Bros Discovery (WBD), the parent company of HBO, CNN and Warner Bros Pictures, said Tuesday it is exploring a possible sale as part of a “review of strategic alternatives to maximize shareholder value.”
In a statement, the company confirmed it had received “unsolicited interest” from “multiple parties for both the entire company and Warner Bros” alone, signaling that potential suitors have emerged for some or all of its core businesses.
The disclosure sent WBD shares up more than 10 percent at the start of trading Tuesday, as investors weighed the implications of what would be one of the largest potential media transactions in years.
The review comes several months after WBD unveiled a plan to separate its cable networks business from its more-lucrative film and streaming units. That split, first announced in June, is still moving forward even as the company explores strategic options. The planned division would place HBO, HBO Max, Warner Bros and DC Comics under one banner, while cable networks including CNN, TNT and TBS would stand independently.
The potential sale adds to a wave of consolidation that has reshaped the media landscape over the past decade as companies adapt to shifting consumer habits and the rise of streaming platforms like Netflix.
Rival Paramount Global was reportedly preparing a bid for WBDy earlier this year, but those discussions appeared to stall in recent weeks. The announcement also follows major restructurings at other conglomerates, including Comcast, which is spinning off its cable networks into a new entity called Versant, and Skydance Media’s acquisition of CBS parent Paramount earlier this year.
The sale review marks the latest chapter in a long history of mergers and divestitures for the company once known as Time Warner. It was spun off by AT&T in 2022 following the telecom giant’s $85 billion takeover in 2016, a deal that faced a years-long antitrust challenge.
Earlier, the company fended off a $75 billion takeover attempt by Rupert Murdoch’s News Corp. in 2014 and had previously shed properties like Time Warner Cable and Time magazine.
