The Latest Breaking News from Discovery

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.

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While Warner Bros. Discovery has significantly outperformed the S&P 500 Index over the past year, analysts are cautiously optimistic about the stock’s prospects.

With shares already surging on talk of a Paramount tie-up, should investors still chase WBD stock? Or has the run already played out?

Warner Bros. Discovery, Inc. (NASDAQ:WBD) announced on Tuesday that it will extend its global streaming footprint next month, bringing HBO Max to 14 additional Asia Pacific markets on October 15. The rollout includes Bangladesh, Brunei, Cambodia, Laos, Macau, Mongolia, Pakistan and Sri Lanka, among others.

Shareholders of Warner Bros. Discovery (NASDAQ:WBD) were likely cheering on Wednesday as shares had their biggest single-day gain of 29%. Perhaps, it's sports fans who should also be cheering as a potential combination of Warner Bros. and Paramount Skydance (NASDAQ:PSKY) could create a sports juggernaut.

On Thursday, U.S. Senator Elizabeth Warren (D-Mass.) denounced Paramount Skydance Corp.'s (NASDAQ:PSKY) reported plans to bid for Warner Bros. Discovery Inc. (NASDAQ:WBD). She warned that the potential media merger poses a threat to competition and could be linked to questionable approvals under President Donald Trump.

Warner Bros. Discovery Inc. (NASDAQ:WBD) stock is surging on Friday.