Warner Bros. Discovery announced it will begin entertaining potential offers to sell the company, marking a significant shift in strategy only nine days after turning down a takeover proposal from David Ellison’s Paramount Skydance. The company said its Board of Directors has decided to expand an ongoing strategic review following unsolicited interest from multiple parties for both the entire company and its Warner Bros. studio division. 

As part of this review, the Board will evaluate a wide range of options, including continuing with the company’s previously announced plan to separate Warner Bros. and Discovery Global into two independent public companies by mid-2026, pursuing a transaction for the full enterprise, or exploring separate sales of its Warner Bros. or Discovery Global units. The company will also examine alternative structures, such as merging Warner Bros. with another strategic partner while spinning off Discovery Global to shareholders. 

“It’s no surprise that the significant value of our portfolio is receiving increased recognition by others in the market,” said David Zaslav, President and CEO of Warner Bros. Discovery. “After receiving interest from multiple parties, we have initiated a comprehensive review of strategic alternatives to identify the best path forward to unlock the full value of our assets.” 

The company emphasized that there is no set timeline or guarantee that the process will lead to any transaction beyond the separation already underway. Financial advisors Allen & Company, J.P. Morgan, and Evercore have been retained to guide the process, with legal counsel provided by Wachtell, Lipton, Rosen & Katz and Debevoise & Plimpton LLP. 

Warner Bros. Discovery’s portfolio spans HBO, CNN, Discovery, and the Warner Bros. studio.