A Warner Bros. Discovery reported that it began to consider different business scenarios in light of the “unsolicited interest” it received from “multiple parties” to fully or partially acquire the company.
The board will evaluate “a wide range of strategic options,” including pursuing a plan to split the company by mid-2026, selling the entire conglomerate or striking separate deals for its units. Warner Bros. e Discovery Globalthe company said in a statement on Tuesday.
Netflix e Comcast are among the companies interested in Warner Bros.’ film and TV studios, according to sources familiar with the matter who requested anonymity. THE Paramount Skydance has already made at least one offer for the entire group, but it was rejected.
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“After receiving interest from multiple parties, we initiated a comprehensive review of strategic alternatives to identify the best path to unlocking the full value of our assets,” said the CEO David Zaslav not communicated.
Warner Bros. shares rose 9% in New York on Tuesday morning.
At the beginning of the year, Warner Bros. announced plans to split into two businesses: one focused on pay TV and the other on streaming and studios. The idea is to separate the streaming division, which includes HBO Max and growing faster, from declining cable TV networks like TNT e CNN.
Warner Bros. and HBO have already been sold twice in the last decade, amid the difficulty of traditional media companies to compete with online platforms. Zaslav merged Discovery and Warner Bros. to create a more robust competitor to Netflix, but the strategy didn’t work. A full or partial sale could drastically reshape Hollywood and the media industry, reducing the number of major studios and consolidating streaming services.
Paramount, led by David Ellisonis interested in Warner Bros., but its first proposal was rejected as it was considered low. According to CNBC, Paramount made several offers below $30 per share, all of which were declined. The company also discussed the purchase with Apollo Global Management that controls Legendary Entertainmentwhich owns parts of several Warner Bros. franchises.
Ellison is looking to close the deal ahead of a possible split of Warner Bros., while Zaslav believes he can get a hefty premium for the streaming and studios unit after separating it from the TV channels. Paramount, which merged with Skydance Media in August, it already announced that it will cut thousands of jobs to reduce costs by US$2 billion.
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Big technology companies like Netflix e Apple are also highlighted by analysts as potential buyers. Netflix co-CEO, Ted Sarandosshowed interest in the studios, in the vast collection of content and in the film production lot of Warner Bros., but does not want to acquire TV networks.
Comcast, parent company of NBCUniversalis also evaluating the possibility, but has not made a formal offer. The company, one of the largest cable and broadband TV providers, has been restructuring its film and TV businesses and has already announced plans to sell channels such as MSNBC, USA e CNBC.
According to the president of the council, Samuel Di PiazzaWarner Bros. still believes that the separation between channels and studios “will create attractive value”, but decided to expand the scope of the analysis “in the best interests of shareholders”.
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The company stated that there is no set deadline for completing the strategic review process.
“Warner Bros. was created through mergers and acquisitions and expects to exit through the same path,” he said Ross Benesanalyst at Emarketer. “The latest mergers involving Warner have reduced shareholder value and resulted in layoffs. But its TV networks, studios and streaming service still have value for the right buyer.”
Allen & Co, JPMorgan Chase e Evercore act as financial advisors to Warner Bros.
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