Warner Bros. Discovery Confirms Its For Sale, Bidders Circling

Warner Bros. Discovery has officially confirmed it is fielding offers for a potential sale, acknowledging for the first time that the entertainment giant is on the market after weeks of speculation.

The company’s board of directors announced Tuesday that it has initiated “a review of strategic alternatives to maximize shareholder value” following “unsolicited interest” from “multiple parties” for both the entire company and its Warner Bros. division.

The decision comes as WBD continues work on its previously announced plan to split into two independent media companies, Warner Bros. and Discovery Global by mid-2026. However, the new review expands the board’s scope to include “a transaction for the entire company” or “separate transactions for its Warner Bros. and/or Discovery Global businesses.” The company may also consider “an alternative separation structure that would enable a merger of Warner Bros. and spin-off of Discovery Global to our shareholders.”

“We continue to make important strides to position our business to succeed in today’s evolving media landscape,” said David Zaslav, president and CEO of Warner Bros. Discovery. “It’s no surprise that the significant value of our portfolio is receiving increased recognition by others in the market.”

The move feeds growing rumors around a potential takeover bid from Paramount Skydance, which WBD reportedly turned down earlier this month at $20 a share. The stock jumped more than 8% on Tuesday morning following news of the review, a sign that investors are betting real deals could be on the table, even as the company faces pressure to steady its finances and get its streaming business back on track.

Furthering the financial conversation today, WBD also raised prices for its HBO Max streaming service, effective immediately. The standard plan now costs $18.49 per month, and the premium plan costs $22.99, igniting frustration from subscribers who have seen the platform remove content while offering few new features.

Chairman Samuel A. Di Piazza Jr. said the review “underscores the Board’s commitment to considering all opportunities to determine the best value for our shareholders.” Nowhere in today’s release did the company mention what a potential sale could mean for its employees or customers.