Warner Bros Discovery explores potential sale after unsolicited interest

Warner Bros Discovery is exploring an outright sale as major media giants like Paramount and Netflix show interest

Warner Bros Discovery (WBD) is weighing an outright sale after receiving unsolicited interest from multiple major players, marking a potential turning point in the entertainment industry.

The company confirmed on Tuesday that it is evaluating several strategic options, including selling the entire firm, splitting it into divisions, or pursuing a merger and spin-off structure.

Shares of WBD surged 10% following the announcement. Potential buyers reportedly include Comcast, Netflix, and Paramount Skydance, led by CEO David Ellison. Paramount previously made an offer of about $20 per share, which Warner Bros Discovery rejected for being too low.

Warner Bros has announced that they are now officially considering acquisition offers.

They will launch a “comprehensive review of strategic alternatives” for a whole or partial sale of the company. pic.twitter.com/ULLbLN0mcS

— DiscussingFilm (@DiscussingFilm) October 21, 2025

The media giant — home to CNN, HBO Max, and the Harry Potter franchise — had already announced plans to separate its studio and cable units next year to streamline its operations. Any sale would also involve the assumption of WBD’s significant $35 billion debt load.

Analysts suggest the sale could reshape the global media landscape, as streaming competition and rising production costs continue to challenge traditional broadcasters. A deal would give the buyer control of a major film studio and a leading streaming platform.

Paramount is viewed as the frontrunner, though Netflix may pursue the company’s studio assets post-split. Comcast is also expected to review WBD’s portfolio as it prepares to spin off its NBCUniversal channels into a new entity, Versant.

Industry analysts note that the Ellison family, backed by Oracle co-founder Larry Ellison, has the resources and political connections to navigate potential regulatory hurdles if Paramount proceeds with an acquisition.

A potential sale of Warner Bros Discovery could be one of the most consequential media deals of the decade, redefining the future of Hollywood’s biggest studios.