Warner Bros. Discovery (WBD) which owns HBO, CNN and other streaming and studio businesses, has announced it will put itself up for sale after receiving “unsolicited interest” from multiple parties.
This comes just months after the company revealed plans to separate into two publicly traded entities by mid-2026.
In a press release on Tuesday, WBD said it had initiated “a review of strategic alternatives to maximise shareholder value.”
“We continue to make important strides to position our business to succeed in today’s evolving media landscape by advancing our strategic initiatives, returning our studios to industry leadership, and scaling HBO Max globally,” said chief executive David Zaslav.
The company said it will continue pursuing the planned split of its cable networks from its streaming and studio businesses, even as it explores potential sale or merger options.
Warner Bros. Discovery CEO David Zaslav
Sale talk
Last month, reports surfaced that Paramount, owner of Network 10, was preparing a majority-cash bid for WBD, backed by the Ellison family.
The speculation sent WBD shares soaring by almost 30% in late trading, despite no confirmation from either company.
If the deal goes ahead, it would reshape the global media and entertainment industry, bringing two of Hollywood’s most storied studios under the same roof.
In Australia, CNN and Discovery channels are currently carried by Foxtel and Fetch TV. Max launched in March 2025 and continues to post strong TV and movie library sales across the market.
The newly split companies have not yet been named but will continue operating as they are until the separation is complete.
“The cultural significance of this great company and the impactful stories it has brought to life for more than a century have touched countless people all over the world,” said Zaslav.
“It’s a treasured legacy we will proudly continue in this next chapter of our celebrated history.”
Mediaweek has reached out to WBD for comment.