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.
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"We continue to make important strides to position our business to succeed in today’s evolving media landscape by advancing our strategic initiatives, returning our studios to industry leadership, and scaling HBO Max globally," David Zaslav, the president and CEO of Warner Bros. Discovery, said in a statement. "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."
"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," the company said.
Netflix, Comcast among potential bidders
Netflix and Comcast are among the potential bidders, CNBC reported Tuesday. 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.
Whether the company is headed for a sale or a split, it would be a turning point in the global media industry.
