Overview
- The company confirmed receiving interest from multiple parties and will consider a full sale, separate transactions for Warner Bros. and/or Discovery Global, or an alternative separation structure.
- Management said the previously announced breakup into Warner Bros. (studios and streaming) and Discovery Global (networks) remains on track for mid-2026, and there is no set timetable for the review.
- Paramount Skydance made an earlier approach that was rejected as too low around $20 per share, and reporting identifies Comcast and Netflix as other potential suitors.
- Shares rose roughly 10% on the announcement as investors weighed the prospect of a sale against the planned split.
- WBD has engaged advisers including Allen & Company, JPMorgan and Evercore, with substantial debt from the 2022 merger and valuation expectations seen as key factors for any deal.