Warner Bros. Discovery Considers Sale After Unsolicited Bids

Earlier this year, the company announced plans to split into two entities, Warner Bros. and Discovery Global.

The Warner Bros. logo is displayed on a water tower at Warner Bros. Studio in Burbank, Calif., on Sept. 12, 2025. Mario Tama/Getty Images

Warner Bros. Discovery said it is considering an outright sale following interest from multiple potential buyers.

In an Oct. 21 statement, the company said its board of directors has initiated “a review of strategic alternatives to maximize shareholder value” as it has received “unsolicited interest from multiple parties for both the entire company and Warner Bros.” The statement didn’t identify the parties interested.

Warner Bros. Discovery has not set a timeline for completing its strategic review. The company said it remains committed to advancing its previously announced separation plan while evaluating “all opportunities” to enhance shareholder value.

“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 Warner Bros. Discovery, said in the 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.”

Shares of Warner Bros. Discovery rose on the news. As of about 11 a.m. EST on Tuesday, shares of the New York-based company rose to about $20 a share from Monday’s closing price of $18.32 a share.

Warner Bros. Discovery, formed in 2022 through the merger of WarnerMedia and Discovery Inc., owns an array of major media assets, including HBO, CNN, the Warner Bros. film and television studios, and a collection of cable networks and streaming platforms.

Earlier this year, the company announced plans to split into two entities: Warner Bros., encompassing its film, television, and streaming units, and Discovery Global, which would include its cable networks and Discovery+.

According to its financial disclosure documents filed with the Securities and Exchange Commission, Warner Bros. Discovery carries significant debts. In its latest earnings report, published in August, the company listed total liabilities of about $64.4 billion against about $101.7 billion in assets.

When it last reported, it said it made a net income, or profit, of about $1.6 billion through the first six months of 2025, which was an improvement over the $10 billion it lost in the first six months of 2024.

The company is due to publish its next quarterly earnings report on Nov. 6.

Representatives of Warner Bros. Discovery did not immediately respond to a request for comment.

Reuters contributed to this report.