Warner Bros Discovery has initiated a formal review of strategic alternatives after receiving unsolicited interest from multiple parties for the company or parts of it, including its studio, streaming, and network assets. The Board said it would evaluate a broad range of outcomes: continuing with the previously announced split into separate companies, a full sale of the entire enterprise, or selective sales of its business units.
According to media reports, Warner Bros Discovery has asked prospective buyers to submit improved second‑round bids by December 1, 2025. Initial non‑binding offers have come from a set of major entertainment and media companies. The identity of all bidders has not been publicly confirmed, and the financial terms, structure, and scope of the updated bids remain undisclosed.
The company has previously signalled its intention to separate into two publicly traded entities — one housing its studios and streaming business, and the other its linear network operations — by mid‑2026. That plan remains on the table while the review proceeds.
Financial performance in recent quarters has reinforced the context for this strategic review. In the quarter ended 2025, Warner Bros Discovery posted a bigger‑than‑expected loss, with weak performance in its streaming arm and continued declines in its cable television business overshadowing a stronger showing from its studio division.
At present, no exclusive negotiations have been announced, and the company has not committed to any particular outcome. The review remains open, and any final decision — whether sale, spin‑off, or restructuring — will depend on how the bids stack up against Warner Bros Discovery’s shareholder‑value criteria and long‑term strategy.
