"The news adds a new wrinkle to an already-planned shakeup at the media giant. In June, WBD announced plans to cleave the company into two separate publicly traded companies. The company's streaming and studio brands-which include HBO, HBO Max, Warner Bros. Pictures, and New Line Cinema-would be part of Warner Bros., while Discovery Global would oversee its cable networks that include CNN, TNT Sports, and Discovery."
"Earlier this month, the newly merged Paramount Skydance Corporation reportedly made a lowball offer for the company. WBD rejected a takeover offer from Paramount of about $20 per share, according to reporting by Bloomberg. The newly appointed Paramount CEO, David Ellison, has made it clear he'd like to buy Warner Bros. Discovery before that split can occur. 'INTEREST FROM MULTIPLE PARTIES' But Ellison isn't the only interested buyer, it seems, and that news sent shares of WBD surging more than 10% in midday trading Tuesday to as high as $20.58."
""It's no surprise that the significant value of our portfolio is receiving increased recognition by others in the market," David Zaslav, president and CEO of WBD, said in a statement. "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.""
Warner Bros. Discovery is exploring a potential sale after receiving unsolicited interest from multiple buyers. The company previously announced plans to split into two publicly traded entities, allocating streaming and studio brands (HBO, HBO Max, Warner Bros. Pictures, New Line Cinema) to Warner Bros. and placing cable networks (CNN, TNT Sports, Discovery) under Discovery Global. WBD stated it is reviewing strategic alternatives with no set timeline while not abandoning the planned split. The company rejected a roughly $20-per-share takeover bid from Paramount Skydance, and WBD shares rose more than 10% amid takeover speculation.
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