After announcing that Warner Bros. Discovery will be undergoing corporate resutructuring next year, the streaming giant has said that it has received interest from multiple parties to buy the company in whole or in part, Deadline reports.
The development follows Paramount Skydance CEO David Ellison’s public announcement of intent to acquire the media conglomerate before the restructuring, which would separate the streaming and studios segment, to be named Warner Bros. from the struggling linear television business, Discovery Global, which would create two separately traded public companies.
However, according to Deadline, Ellison’s offer was rejected because of the potential for other streaming players like Apple, Comcast, or Netflix to make a larger offer for the entire company or just the streaming business after the split. Netlix recently downplayed the possibility of a deal on its part.
The entertainment business has seen an unusual amount of dealmaking activity in the past year as various media properties have been up for grabs. Shortly before making the WBD offer, Ellison’s Skydance bought Parmount Global for $84 billion, giving the billionaire access to valuable properties including Paramount Pictures, streaming arm Paramount +, and CBS, among other businesses, reports Deadline.
“It’s no surprise that the significant value of our portfolio is receiving increased recognition by others in the market,” commented WBD CEO David Zaslav in a statement. “After receiving interest from multiple parties, we have initiated a comprehensive review of strategic alternatives to identify the best path forward to unlock the full value of our assets.”
WBD said today that it still plans for the split to take place in mid 2026 while it considers offers that may necessitate a different separation structure, such as a merger of Warner Bros. while spinning off Discovery Global directly to the market.
Deadline reports that the thinking behind WBD’s strategy is to untether the value of its stronger streaming business from its challenged cable business, which continues to bleed viewership along with most other legacy media companies.
This follows NBCUniversal’s plan to spin off its cable businesses in a similar manner, creating a new company called Versant.