Overview
- The company said it received unsolicited approaches from multiple parties for the entire company and for Warner Bros., and it will evaluate options including separate transactions or an alternative structure that pairs a Warner Bros. merger with a Discovery Global spin-off.
- Work on the previously announced separation into Warner Bros. (streaming and studios) and Discovery Global (networks) remains on track for completion around mid-2026.
- Shares rose roughly 7% to 11% in early trading after the announcement, reflecting a positive market reaction to potential deal scenarios.
- Reporting indicates Paramount Skydance recently offered about $20 per share, a bid WBD rejected as too low, and outlets have cited Comcast and Netflix as other parties exploring interest.
- WBD named Allen & Company, J.P. Morgan and Evercore as financial advisers with Wachtell Lipton and Debevoise & Plimpton as legal counsel, and it set no timetable for completing the review.