Warner Bros. Discovery announced Tuesday it has initiated a comprehensive review of strategic alternatives, Wall Street–speak for considering a sale process, as rumors have swirled for months that one of Hollywood’s legacy studios could be acquired. The company disclosed in a press release that it had received “unsolicited interest from multiple parties for the entire company” and for its iconic Warner Bros. segment. Paramount Global, itself recently acquired by David Ellison, the son of Trump ally Larry Ellison, reportedly made a $20-per-share bid earlier this month. Netflix, the dominant streamer turned Hollywood power player, has also been rumored as a potential acquirer, although co-CEO Greg Peters downplayed it earlier this month, and it is not known as an active M&A player.
“It’s no surprise that the significant value of our portfolio is receiving increased recognition by others in the market,” CEO David Zaslav said in the press release. “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.”
