Warner Bros. Discovery (WBD) has revealed it's evaluating potential sale options following unsolicited interest in both the entire company and its renowned Warner Bros. studio division. The announcement arrives as WBD continues to prepare for a separation into two distinct publicly traded entities: Warner Bros. and Discovery Global, anticipated by mid-2026.
According to the company, various possibilities are being examined. These include sticking with the currently planned separation, selling the whole company, or engaging in separate deals involving either Warner Bros. or Discovery Global. The board is also contemplating an alternative structure that would involve merging Warner Bros. while spinning off Discovery Global to its shareholders.
Reportedly, Paramount-Skydance recently attempted to acquire Warner Bros. Discovery, with an estimated value of around $20 per share, but the offer was declined by WBD. Chief executive David Zaslav stated that the review intends to “unlock the full value” of the group’s portfolio, referencing advancements in studio performance and the expansion of HBO Max. Chair Samuel A. Di Piazza Jr. added that the review widens the board’s perspective while still supporting the two-company strategy.
WBD has clarified that there is no set timeline for this review and no guarantee that it will lead to any transaction beyond the already planned split. Allen & Company, J.P. Morgan and Evercore are providing financial advice, while Wachtell Lipton, Rosen & Katz and Debevoise & Plimpton are serving as legal counsel.