Overview
- WBD said its board has begun a formal review of strategic alternatives following approaches for both the entire company and the Warner Bros. studios/streaming unit.
- Reported suitors include Netflix, Comcast and Paramount/Skydance, with an initial mostly-cash proposal from Paramount/Skydance around $20 per share described as rejected.
- Options under consideration include selling the whole company, separate transactions for Warner Bros. or Discovery Global, an alternative separation structure, or completing the previously announced split into two public companies.
- Shares rose roughly 10% to 11% after the announcement, reflecting investor optimism about potential transactions and value realization.
- Advisers Allen & Co, JPMorgan and Evercore are engaged for the process, which executives said has no deadline and could take weeks or months amid financing and regulatory scrutiny.