Warner Bros. Discovery Launches Review of Strategic Alternatives Amid Market Interest

Warner Bros. Discovery has initiated a comprehensive review of strategic alternatives following unsolicited interest from multiple parties interested in acquiring the entire company or its Warner Bros. division. The move comes as the company continues executing its previously announced plan to separate into two independent entities—Warner Bros. and Discovery Global—by mid-2026.

The Board of Directors will evaluate a broad range of options. These include:

• Completing the planned separation
• Pursuing a sale of the full company
• Considering separate transactions involving Warner Bros. or Discovery Global
• Exploring an alternative structure, potentially merging Warner Bros. and spinning off Discovery Global to shareholders

President and CEO David Zaslav said the rapid evolution of the media industry requires bold strategic moves. “We continue to make important strides to position our business to succeed in today’s evolving media landscape,” he said. “It’s no surprise that the significant value of our portfolio is receiving increased recognition by others in the market.”

Samuel A. Di Piazza, Jr., Chair of the Board, emphasized the company’s focus on shareholder outcomes. “Our decision to initiate this review underscores the Board’s commitment to considering all opportunities to determine the best value for our shareholders.”

There is currently no set timeline for the review, and the company cautioned that there is no certainty any transaction beyond the already-in-progress separation will take place. Warner Bros. Discovery plans to remain silent on developments unless a specific course of action is approved.

About Warner Bros. Discovery

Warner Bros. Discovery is a global media and entertainment leader with a portfolio spanning film, television, streaming, sports, news, and gaming. Its iconic brands include HBO Max, Discovery Channel, CNN, DC, TNT Sports, HGTV, Food Network, Cartoon Network, Warner Bros. Pictures, and others, serving audiences around the world with premium storytelling and content.