Warner Bros. Discovery launches strategic review after bids

Warner Bros. Discovery said Tuesday it has launched a formal review of strategic alternatives after receiving unsolicited interest from multiple parties in both the entire company and its Warner Bros. division, signaling that the entertainment giant may be open to a sale even as it pursues a planned corporate split. The announcement, made at the company’s New York headquarters, did not identify potential bidders or provide a timeline for the review.

Company officials said the review was prompted by unsolicited approaches seeking either the whole company or parts of it. A Warner Bros. Discovery spokesperson declined to provide further details. Separate reports citing anonymous sources have suggested that Paramount, controlled by Skydance, approached Warner with a potential majority-cash offer in late September that Warner’s chief executive rejected; the company did not confirm those accounts.

Warner Bros. Discovery reiterated that its previously announced plan to separate into two publicly traded companies remains under consideration. Under the June blueprint, HBO, HBO Max, Warner Bros. Television, Warner Bros. Motion Picture Group and DC Studios would be grouped into a new...