Warner Bros Discovery officially open to offers

Nathan Jolly

October 22, 2025 10:35

Warner Bros Discovery officially open to offers

Warner Bros Discovery is mulling over a range of takeover options

Warner Bros Discovery is officially open to takeover offers, with the board confirming it has received “unsolicited interest” from multiple interested buyers.

In a statement issued on the WBD site overnight, the company said it will continue to “advance” the previously announced separation of Warner Bros and Discovery Global, but has “initiated a review of strategic alternatives … in light of unsolicited interest the company has received from multiple parties for both the entire company and Warner Bros.”

The board will now evaluate a number of options, including the current plan to split the company into two — with completion expected by mid-2026 — as well as selling the entire company wholesale, or entering into separate sales for Warner Bros and Discovery.

The review will also consider “an alternative separation structure that would enable a merger of Warner Bros and spin-off of Discovery Global to our shareholders.”

David Zaslav, President and CEO of WBD, said the “bold” decision to separate the company was made “because we strongly believed this was the best path forward”.

He continued: “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.”

Last week, the company rejected a US$20-per-share offer from Paramount Skydance, which is currently in acquisition mode, having itself been only recently formed after David Ellison’s Skydance bought Paramount. Ellinson has committed to reinvesting a planned US$2 billion in cuts back into the newly merged business. Such a deal that would bring Paramount, HBO, DC Comics, CNN, MTV, CBS, and numerous other networks and studios under the one roof.

The Chair of WBD, Samuel Di Piazza Jr, said the board’s decision to initiate this review shows its commitment to “considering all opportunities to determine the best value for our shareholders.” The board, however, “continue[s] to believe that our planned separation to create two distinct, leading media companies will create compelling value. That said, we determined taking these actions to broaden our scope is in the best interest of shareholders.”

WBD has not set a deadline or a timetable for completion of the review, and warns that “other than the separation transaction that is already underway, there can be no assurance that this process will result in the company pursuing a transaction or other outcome.”