Warner Bros. Discovery explores sale amid industry upheaval

Warner Bros. Discovery, the media conglomerate behind HBO, CNN and the Warner Bros. film studio, said on Tuesday that it is exploring a possible sale, a move that could reshape the entertainment landscape once again.

In a statement, the company said it had begun “a review of strategic alternatives to maximize shareholder value,” a phrase often used to signal a potential sale or breakup. The company added that it had received unsolicited interest from “multiple parties,” including offers for the entire company and for individual divisions such as Warner Bros. studios.

Shares of Warner Bros. Discovery jumped more than 10 percent following the announcement, CNBC reported.

The review comes as the company, which has a market value exceeding $45 billion, continues to face the twin pressures of streaming competition and the steady erosion of cable television revenue. The company carries a heavy debt load — a legacy of years of mergers and restructuring — even as it continues to generate hits through franchises like Harry Potter and DC Comics’ Superman and Batman.

Warner Bros. Discovery operates a vast media portfolio spanning cable networks, film production, news, sports rights and streaming. While the company explores potential buyers, it said it would continue to pursue a previously announced plan to separate its traditional cable networks from its streaming and studio operations.

Any potential sale would mark the latest chapter in a decades-long cycle of reinvention for one of Hollywood’s most storied media houses. The company — once known as Time Warner — has been at the center of several landmark deals, including its ill-fated merger with AT&T in 2016 and its subsequent spinoff and 2022 combination with Discovery.

In recent months, rival Paramount Global had explored a bid for all of Warner Bros. Discovery, though those discussions have reportedly cooled. Comcast, the parent of NBCUniversal, is also expected to evaluate Warner Bros. Discovery’s assets, according to two people familiar with the matter.

The company’s potential sale follows a wave of deal-making across the media sector as traditional entertainment firms race to adapt to a streaming-driven world. Earlier this year, Skydance acquired Paramount, and Comcast announced plans to spin off several of its cable networks — including CNBC and MSNBC — into a separate entity called Versant.

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