Overview
- Warner Bros. Discovery confirmed a formal review of strategic alternatives and reiterated plans to separate its studio/streaming and linear networks in 2026.
- Netflix hired Moelis & Co. to analyze a potential offer, and reports say it has access to Warner Bros. Discovery financials for evaluation.
- Netflix co-CEOs have stated they do not want legacy TV networks, pointing any exploration toward HBO/Max, Warner Bros. studios and related streaming assets.
- Paramount Skydance submitted multiple offers reportedly in the $20–$24 per share range that Warner Bros. Discovery rejected, with interest from other potential suitors also reported.
- Any transaction would need to address Warner Bros. Discovery’s heavy debt load and likely regulatory and labor scrutiny, with control of major franchises such as DC and Harry Potter at stake.