Warner Bros. Discovery confirms it has received buyout offers and is
considering its options
[October 21, 2025] By
WYATTE GRANTHAM-PHILIPS
NEW YORK (AP) — Just months after announcing plans to split into two
companies, Warner Bros. Discovery has signaled that it may be open to a
sale of its business.
In an announcement Tuesday, the entertainment giant said it had
initiated a review of “strategic alternatives” in light of “unsolicited
interest” it had received from multiple parties for both the entire
company and Warner Bros specifically.
Warner Bros. Discovery did not specify where that interest was coming
from, and a spokesperson said the company couldn't share additional
information when reached by The Associated Press on Tuesday. But its
review arrives after growing reports of a potential bidding war —
including from Skydance-owned Paramount, which closed its own $8 billion
merger in early August.
Citing anonymous sources familiar with the matter, The Wall Street
Journal recently reported that Paramount approached Warner about a
potential majority-cash offer in late September — but that Warner Chief
Executive David Zaslav had rebuffed those first overtures. According to
the outlet, Paramount Skydance CEO David Ellison later considered taking
a more aggressive approach, such as going directly to shareholders.
CNBC has also reported that Netflix and Comcast are among the interested
parties, citing unnamed sources. Comcast declined to comment Tuesday.
Paramount and Netflix did not immediately respond to the AP's requests
for statements.
Back in June, Warner Bros. Discovery outlined plans to split its cable
and streaming offerings — with HBO, HBO Max, as well as Warner Bros.
Television, Warner Bros. Motion Picture Group, DC Studios, to become
part of a new streaming and studios company; while networks like CNN,
Discovery and TNT Sports and digital products such as the Discovery+
streaming service and Bleacher Report would make up a separate cable
counterpart.
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The Discovery Communications logo atop its headquarters in Silver
Spring, Md, July 31, 2017. (AP Photo/Manuel Balce Ceneta, File)
 Warner expected the split to be
complete by mid-2026 — and said Tuesday that continuing to advance
this separation was still among the options it's now considering.
“We took the bold step of preparing to separate the Company into two
distinct, leading media companies, Warner Bros. and Discovery
Global, because we strongly believed this was the best path
forward,” Zaslav said in a statement. Still, he added, “it’s no
surprise that the significant value of our portfolio is receiving
increased recognition by others in the market."
The company said that there's no definite timeline for its review
process — and noted that, beyond the separation that is already
underway, “there can be no assurance” that the process will result
in a transaction.
Shares of Warner Bros. Discovery, headquarted in New York, jumped
more than 9% Tuesday morning.
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