Overview
- The board confirmed a formal review of strategic alternatives following unsolicited approaches for both the entire company and the Warner Bros. unit.
- Options under evaluation include a full sale, bids for the studio and streaming assets, or alternative separation structures beyond the planned split.
- Reported potential bidders include Netflix and Comcast, with prior reporting also pointing to Paramount/Skydance, though WBD has not named any parties.
- Shares rose roughly 10% on Tuesday after the announcement, reflecting investor optimism about potential outcomes.
- An earlier offer reportedly near $20 per share from Paramount/Skydance was rejected as too low, and the company cautioned there is no guarantee of a transaction.