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Warner Bros. Discovery, which owns HBO, CNN and several other cable networks, announced its putting itself up for sale in a news release shared on Tuesday (October 21).
The company said it was undergoing a "review of potential alternatives" and had received "unsolicited interest from multiple parties" for purchase. The company's board of directors will evaluate strategic options, "which will include continuing to advance the Company's planned separation to completion by mid-2026, a transaction for the entire company, or separate transactions for its Warner Bros. and/or Discovery Global businesses," according to the news release.
"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," said David Zaslav, President and CEO of Warner Bros. Discovery. "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."
The company said "there's no deadline or definitive timetable set" for its review of strategic alternatives beyond the separation transaction having already began.