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Warner Bros. Discovery has officially put itself up for sale. The entertainment conglomerate owns a host of well-known brands including CNN, HBO, DC Studios and the flagship Warner Bros. movie studio. In a press release seen by The Independent, the company announced a “review of strategic alternatives” after receiving “unsolicited interest” of both the entire company and Warner Bros. specifically. Last month, shares in Warner Bros. Discovery soared by nearly 30 percent following reports that Paramount, fresh off its merger with Skydance Media, was preparing a majority cash bid to acquire the media conglomerate. TheWarner Bros. Discovery stock price increased by a further 11% this morning, meaning the company is now valued at $50 billion. If Paramount were to secure the deal, it would bring together two of Hollywood’s most established power players — and bring CNN and CBS under the same roof. However, there are several other potential buyers who may be interested in Warner Bros. Discovery, including Netflix and Comcast. In a statement to press, David Zaslav, Warner Bros. Discovery President and CEO, said: "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. “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.” He continued: “It’s no surprise that the significant value of our portfolio is receiving increased recognition by others in the market. 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.” Warner Bros. Discovery also stated that they have not set a deadline or definitive timetable for a potential sale, and that an eventual sale is not guaranteed. Back in June, Warner Bros. Discovery announced its plans to split into two companies by 2026. One company is slated to focus on the HBO Max streaming product and the Warner Bros. film studio, while the other will be a global brand including cable channels such as CNN, TNT and Discovery. In a new statement, Samuel Di Piazza, Jr., chair of the Warner Bros. Discovery board of directors, added: “We continue to believe that our planned separation to create two distinct, leading media companies will create compelling value. That said, we determined taking these actions to broaden our scope is in the best interest of shareholders.”
