ON THE MARKET

Warner Bros. Discovery Weighs Its Next Move After Takeover Interest

The CNN and HBO-owning company is considering options to increase shareholder value.

Warner Bros. Discovery announced Tuesday that it will review “unsolicited interest” offers from multiple parties interested in acquiring the company. “It’s no surprise that the significant value of our portfolio is receiving increased recognition by others in the market,” said David Zaslav, President and CEO of Warner Bros. Discovery, in a statement. In June, the company announced plans to split into two media companies by mid-2026: “Streaming & Studios,” which would include Warner Bros., DC Studios, and HBO, and “Global Networks,” encompassing its entertainment, sports, and news television brands, including CNN and the Discovery Channel. David Ellison, who has served as CEO of Paramount Skydance since August 2025 following the completion of an $8 billion merger between Skydance Media and Paramount Global, expressed interest in acquiring Warner Bros. Discovery before the planned split. Earlier this month, reports indicated that the company’s board rejected Ellison’s $20-per-share bid, but sources said talks were continuing. “There is no deadline or definitive timetable set for completion of the strategic alternatives review process,” Warner Bros. Discovery noted in Tuesday’s press release, emphasizing that it still plans to move forward with the proposed separation. Following the Tuesday announcement, the company’s shares rose 9.61 percent to $20.08 in early trading.