Warner Bros Discovery announces it is exploring potential sale

Warner Bros. Discovery (WBD), the massive media conglomerate that owns CNN, HBO and one of the nation’s premier movie studios, on Tuesday formally announced plans to explore a potential sale.

Rumors of WBD looking to sell off part or all of its assets have been percolating in media business circles for months, and the company confirmed this week it had “initiated a review of strategic alternatives to maximize shareholder value,” in light of what it called “unsolicited interest the company has received from multiple parties for both the entire company and Warner Bros.”

The announcement comes after reported talks of a merger between WBD and fellow media behemoth Paramount, which was recently bought by entertainment company Skydance and has garnered headlines over changes its new leadership has pledged to implement at CBS News.

“New Paramount,” is led by media scion David Ellison, the son of tech billionaire and Trump ally Larry Ellison, whom the president has praised over the family’s recent moves in the media business.

WBD did not name any potential business partners in its Tuesday announcement, but its chief executive David Zaslav said in a statement that “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,” added Zaslav, who has presided over the company for years.

Facing sharp declines in valuation for its linear assets in recent years, WBD earlier this summer announced plans to spin off its television assets from the rest of the company, as a number of other major media conglomerates have already done.

The company gave no timeframe for any potential sale, saying only that its plans “will include continuing to advance the company’s planned separation to completion by mid-2026.”