Warner Bros. Discovery has announced it is expanding its review and is open to the possibility of a sale, causing its shares to jump by 10%.
The media company, which owns major properties including HBO, CNN and Warner Bros. studios, said it has received unsolicited interest from multiple parties and will consider all options.
Earlier in 2025, Warner Bros. Discovery unveiled plans to split into two separate entities—one focusing on streaming and studios, the other on global cable networks—to better unlock value. However, recent acquisition interest has prompted the company to explore alternatives, including a full sale.
Among the prospective buyers are Paramount Skydance, Netflix, and Comcast. Paramount Skydance submitted multiple bids, the latest around $24 per share, all of which were declined. Netflix does not intend to acquire legacy media but is keen to prevent a low-priced sale to others. Comcast, while not actively pursuing a purchase, remains open to possibilities.
CEO David Zaslav stated the company is progressing in adapting to the changing media environment by advancing strategic initiatives, restoring studio leadership, and expanding HBO Max globally. He noted the increasing recognition of Warner Bros. Discovery’s portfolio value has triggered a review of options to maximise shareholder returns.
Since the 2022 merger that created Warner Bros. Discovery, the company has faced heavy debt exceeding $40 billion and financial challenges amid streaming competition and cable decline. The announcement shows a potential turning point not only for Warner Bros. Discovery but for the wider media industry grappling with digital transformation.
The company will continue pursuing its planned division while also assessing other moves, with outcomes expected to significantly shape the future of one of the world’s leading entertainment conglomerates.