Warner Bros Discovery opens for divestment: 'Wide range of options'

Another attempt, at $24 per share, was also reportedly unsuccessful. Reuters in the evening reported a new niet from the board of Warner Bros Discovery to a takeover offer submitted by Davi Ellison's Paramount Skydance.

Yet now the possibility of a sale is less remote than even a day ago. It was Warner Bros. Discovery itself that stated that it had initiated a 'comprehensive review of strategic alternatives' in response to unsolicited interest from multiple players for all or parts of the company.

Until a few weeks ago, the company's official strategy was only that of a demerger: to separate the film and television studios business (along with streaming) from the cable channels and linear networks, with the goal of completing the operation by mid-2026. Now, however, the sale option is openly on the table. The company's board will consider," reads a note, "a wide range of strategic options, including the continuation of the planned separation, a transaction on the entire company, or separate operations for the Warner Bros. or Discovery Global business units.

The reference landscape explains the reasons for the move. On the one hand, Warner Bros. Discovery holds very valuable assets, from iconic film studios with films such as 'Harry Potter' or 'Superman', to brands such as Hbo, CNN, Tnt or the large television library. On the other hand, it is the context that has changed for the media industry grappling with profound transformations in audiovisual consumption models as well as in productions.

"We are not surprised that the significant value of our portfolio is receiving increasing recognition from others in the marketplace. After receiving interest from many quarters, we have initiated a comprehensive review of strategic alternatives to identify the best path to fully value our assets," commented Warner Bros Discovery chairman and ceo David Zaslav with president Samuel Di Piazza Jr. noting that he continues "to believe that our planned separation to create two distinct leading media companies will create significant value."