Warner Bros. Discovery confirms it has received buyout offers and is considering its options

Just months after announcing plans to split into two companies, Warner Bros. Discovery has signaled that it may be open to a sale of its business.

In an announcement Tuesday, the entertainment giant said it had initiated a review of “strategic alternatives” in light of “unsolicited interest” it had received from multiple parties for both the entire company and Warner Bros specifically.

Warner Bros. Discovery did not specify where that interest was coming from — and a spokesperson said the company couldn't share additional information when reached by The Associated Press on Tuesday. But its review arrives after growing reports of Skydance-owned Paramount looking to make a bid.

Citing anonymous sources familiar with the matter, The Wall Street Journal recently reported that Paramount approached Warner about a potential majority-cash offer in late September — and that Warner Chief Executive David Zaslav had rebuffed those first overtures. The AP reached out to Paramount for statement on Tuesday.

Back in June, Warner Bros. Discovery outlined plans for HBO, HBO Max, as well as Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, to become part of a new streaming and studios company — while its networks like CNN, Discovery and TNT Sports and digital products such as the Discovery+ streaming service and Bleacher Report would make up a separate cable counterpart.

Warner expected the split to be complete by mid-2026 — and said Tuesday that continuing to advance this separation was still among the options it's now considering.

“We took the bold step of preparing to separate the Company into two distinct, leading media companies, Warner Bros. and Discovery Global, because we strongly believed this was the best path forward,” Zaslav said in a statement. Still, he added, “it’s no surprise that the significant value of our portfolio is receiving increased recognition by others in the market."