Warner Bros. Discovery puts itself up for sale, citing interest from ‘multiple’ suitors

CNN Warner Bros Discovery the parent of CNN says it has received multiple expressions of interest from feasible buyers indicating that Paramount Skydance is not the only suitor for the media company In a Tuesday morning declaration WBD mentioned its board of directors has started a review of strategic alternatives which could consequence in a sale of the entire company or a continuation of the current break-up plan Warner Bros Discovery CEO David Zaslav has been preparing to split the company into two believing Warner Bros which would house the HBO Max streaming operation and the movie studio and Discovery Global which would house CNN and other cable channels will be much more highly valued that way However Paramount lately made an initial overture for all of WBD signaling that a behind-the-scenes bidding war may be underway The WBD board rebuffed the offer two people with knowledge of the matter recounted CNN last week One of the sources mentioned both sides recognized it was a lowball proposal by Paramount s new CEO David Ellison It s no surprise that the important value of our portfolio is receiving increased recognition by others in the territory Zaslav commented in a comment 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 There was no immediate confirmation about which other entities would-be buyers constitute Shares in WBD spiked more than in premarket trading amid ongoing investor speculation about the company s value The company outlined several options The already-planned split a transaction for the entire company separate transactions for its Warner Bros and or Discovery Global businesses and an alternative separation structure that would enable a merger of Warner Bros and spin-off of Discovery Global to our shareholders