Warner Bros. Discovery has announced that its Board of Directors has initiated a formal review of strategic alternatives aimed at maximizing shareholder value, following unsolicited expressions of interest from several parties for both the entire company and its Warner Bros. division. The move comes as the company continues executing its previously announced plan to separate into two independent media entities — Warner Bros. and Discovery Global — by mid-2026.
According to the company’s statement, the Board will assess a wide range of possibilities, including completing the separation as planned, pursuing a sale of the entire company, or exploring individual transactions for Warner Bros. and Discovery Global. It will also consider alternative separation structures, such as a potential merger of Warner Bros. with an external partner and a subsequent spin-off of Discovery Global to shareholders.
David Zaslav, President and CEO of Warner Bros. Discovery, said, “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. 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 added, “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.”
Samuel A. Di Piazza, Jr., Chair of the Warner Bros. Discovery Board of Directors, reinforced the company’s stance, stating, “Our decision to initiate this review underscores the Board's commitment to considering all opportunities to determine the best value for our shareholders. We continue 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.”
There is currently no definitive timetable for the completion of the review, and Warner Bros. Discovery has emphasized that there is no assurance the process will result in any transaction beyond the ongoing separation. The company will only make further announcements if a specific transaction is approved or if additional disclosure becomes necessary.
Warner Bros. Discovery is being advised on the process by Allen & Company, J.P. Morgan, and Evercore, with Wachtell Lipton, Rosen & Katz and Debevoise & Plimpton LLP serving as legal counsel.
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