Media Shakeup: Warner Bros. Discovery Mulls Sale After Blockbuster Bids

21 October 2025

Strategic review launched: Warner Bros. Discovery (WBD) said Oct. 21 its board has opened a “comprehensive review of strategic alternatives” after receiving unsolicited interest from multiple parties ^[1] ^[2].
Sale or spin‑off: Options under consideration include completing the previously announced 2026 spin‑off of Warner’s studios/streaming unit from its Discovery cable networks, selling the entire company, or selling the Warner or Discovery Global divisions separately ^[3] ^[4]. An alternative structure (merging Warner Bros. with Discovery spin‑off) is also on the table ^[5].
$20/share bid: Reports have linked Netflix‑backed Paramount Global (Paramount Skydance) to the interest. Sources say Paramount Skydance CEO David Ellison approached WBD in September with a cash-and-stock offer around $20 per share (roughly $40B), which WBD rebuffed as “too low” ^[6]. WBD confirmed it had received “expressions of interest” from multiple acquirers ^[7] ^[8].
Stock reaction: WBD’s stock jumped sharply on the news. Shares spiked about 7–9% pre-market, trading around $19.70 (up from the prior close near $18.30) ^[9] ^[10]. This lifted the market cap toward the mid-$40 billion range.
Leadership comments: CEO David Zaslav said it’s “no surprise” that WBD’s content portfolio is getting investor attention, and that the board is reviewing options to “unlock the full value of our assets” ^[11]. Board chair Samuel Di Piazza emphasized the process is aimed at finding the “best value for our shareholders” ^[12]. Both executives reiterated confidence that the planned spin‑off (Warner vs. Discovery Global) would “create compelling value,” but agreed broadening the review is in shareholders’ interests ^[13] ^[14].
Industry context: Warner Bros. Discovery – owner of CNN, HBO/HBO Max, DC Comics franchises, and Discovery’s networks – has been restructuring to adapt to streaming’s rise ^[15] ^[16]. Reuters notes that streaming has “fundamentally reshaped” media, forcing legacy broadcasters with heavy debt to rethink their business models ^[17]. WBD has already announced cost cuts and a plan to split its business by mid-2026 to unlock value ^[18] ^[19].
Analyst views: Many Wall Street analysts say the takeover buzz is driving the rally. Wolfe Research’s Peter Supino estimates a Warner–Paramount merger could yield roughly $3 billion in annual cost savings, justifying a hefty premium ^[20]. But some caution remains: KeyBanc’s Brandon Nispel warns WBD’s rally “may have gotten ahead of itself,” noting that bids of $22–$24 per share are possible but not guaranteed ^[21]. Overall, analysts’ consensus 12-month price target is only about $17 (below the current ~$20), implying some see downside if no deal materializes ^[22].
Outlook: Warner Bros. Discovery stressed there is no set deadline and no assurance the review will produce a sale ^[23]. If no transaction emerges, WBD plans to carry on with its spin‑off plan by mid-2026 as originally intended ^[24] ^[25]. In the meantime, investors will closely watch any further hints of suitors or changed tactics, as the fate of the media giant – and its stock – hangs on how this year’s bidding war plays out ^[26] ^[27].

Sources: Official Warner Bros. Discovery press release ^[28] ^[29]; Reuters news reports ^[30] ^[31]; financial media (Investing.com, MarketScreener) ^[32] ^[33]; and analysis (TechStock²) ^[34] ^[35]. Analyst consensus data from MarketBeat ^[36].

Can splitting itself in two finally revive Warner Bros.? #WarnerBros #Streaming #MarketMoves

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Mateusz Kaczmarek Latest posts

A technology and finance expert writing for TS2.tech. He analyzes developments in satellites, telecommunications, and artificial intelligence, with a focus on their impact on global markets. Author of industry reports and market commentary, often cited in tech and business media. Passionate about innovation and the digital economy.

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