Warner Bros. Discovery hinted that it might be open to a sale amid plans to split into two separate companies.
The review of "strategic alternatives" comes as "unsolicited interest" came from multiple parties for the company as a whole as well as Warner Bros. specifically.
"Through this process, the Warner Bros. Discovery Board will evaluate a broad range of strategic options, which will include continuing to advance the Company's planned separation to completion by mid-2026, a transaction for the entire company, or separate transactions for its Warner Bros. and/or Discovery Global businesses," it said.
Earlier, Warner Bros. turned down Paramout Skydance's bid as the offer of around $20 per share was considered too low.
On Tuesday, Warner Bros. shares surged around 10 per cent to $20.12 amid speculations. The stock has soared nearly 91 per cent.
The company, which now has a market capitalisation of $49 billion, has announced that it planned to split into two entities by mid-2028. One of the companies will comprise TV services and channel brands like CNN and TNT sports while the other will have movies and streaming.
