Warner Bros. Discovery Weighs Sale After $20–$24 Bid

Warner Bros. Discovery has initiated a formal board review of strategic alternatives after receiving unsolicited takeover interest and says it is open to selling the whole company or parts while continuing to pursue a planned split into a streaming/studios unit (Warner Bros.) and a cable/network unit (Discovery Global) targeted for mid‑2026. Reports say Paramount Skydance offered roughly $20–$24 per share and the board has rebuffed some overtures; potential suitors named include Paramount Skydance, Comcast, Netflix and other tech firms. Shares jumped about 11% intraday, have led a multi‑week rally and recently traded above average analyst 12‑month targets, prompting reassessments of WBD’s valuation. Any transaction would transfer major assets including HBO, the Warner Bros. studio, CNN and HBO Max but would likely include WBD’s roughly $35 billion of debt and could draw regulatory and political scrutiny. WBD has retained financial advisers including Allen & Company, J.P. Morgan and Evercore and law firms Wachtell and Debevoise to run the process, and the company recently announced HBO Max price increases as it seeks to unlock shareholder value.