This comes from Variety, which notes that WBD didn’t name any specific prospective buyers. Regardless, we already know of a few that are interested. In September, reports emerged that Ellison’s Skydance—the very same company that vowed to eliminate DEI and generally capitulate to Trump at its new property Paramount—was putting together a “majority cash bid” to take over the entirety of WBD, including the traditional television assets the company is currently working to spin off into new company “Discovery Global.” WBD reportedly rejected Ellison’s offer of $20 per share as too low, but by that point, the blood was already in the water. WBD stock jumped 36 percent in response to the news of Paramount’s interest, and Netflix reportedly began planning a bid of its own.
At this time, WBD is still planning to continue separating its “Streaming & Studios” division (which houses Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, and more) from its “Global Networks” division (the traditional TV side). That process is expected to be completed by April 2026. Throughout its new strategic review, however, the WBD board will evaluate options including sale of the entire company or separate transactions for the aforementioned divisions, it said. It will also consider a new separation structure that could involve a merger of the Streaming and Studios division with a third party while still spinning off Discovery Global—anything to “maximize shareholder value.” (The company is getting a head start on that, by the way. Variety reports that WBD stocks jumped 8 percent in response to this announcement.)
There is no “definitive timetable” set for completion of the review, the company said, and “there can be no assurance that this process will result in the company pursuing a transaction or other outcome.” There will also be no further announcements “unless and until the board approves a specific transaction or otherwise determines further disclosure is appropriate or necessary.” Anyone following the constriction of Hollywood can sit tight for now, but you may want to begin bracing for the rollout of unholy megacorp Skydance Paramount Warner Bros. Discovery somewhere down the road.