Warner Bros. Discovery (NASDAQ: WBD) shares climbed sharply Tuesday after the entertainment giant confirmed it has begun a formal review of "strategic alternatives," a move that could lead to a full sale of the company. The announcement comes amid mounting takeover interest and renewed scrutiny of its planned corporate split.
The stock traded around $20.20 per share in afternoon trading, up nearly 8% from Monday's close, following reports that several potential buyers — including Paramount Skydance Corporation, led by David Ellison — have approached Warner Bros. Discovery in recent weeks. According to multiple outlets including Reuters and The Financial Times, the company rejected an initial offer valued near $20 per share, signaling management believes its true worth lies closer to $24–$30 per share, or roughly $60 billion in total enterprise value.
