Overview
- The board opened a formal strategic review to consider a sale of the entire company, separate deals for Warner Bros. and/or Discovery Global, or an alternative structure that merges Warner Bros. with a third party and spins off Discovery Global.
- The previously announced plan to separate into Warner Bros. (streaming and studios) and Discovery Global (networks) remains on track for mid-2026.
- Allen & Company, J.P. Morgan and Evercore are advising financially, with Wachtell Lipton, Rosen & Katz and Debevoise & Plimpton as legal counsel, and no timetable has been set.
- Shares rose about 8% to 11% in early trading on the announcement, lifting the stock near $20.
- WBD rejected an approximately $20-per-share offer from Paramount Skydance as too low, and reporting has cited Comcast and Netflix as potential interested parties.