Warner Bros. Discovery (WBD) officially announced on October 21, 2025, that it is “reviewing the potential sale of all or part of the company.” The move comes after receiving multiple acquisition proposals, and the company stated that it is currently evaluating strategic alternatives.
Reports indicate that Paramount Skydance (Paramount + Skydance) had offered approximately $20 per share, but WBD rejected the proposal, calling it “too low.” Netflix and U.S. cable channel Comcast have also shown interest in acquiring the company, suggesting that competition for a potential deal could intensify.
WBD emphasized that this review of strategic alternatives is aimed at maximizing shareholder value, and noted that it is currently difficult to predict any specific timeline or outcome for a transaction. The company is also considering the possibility of separating its streaming and studio divisions from its cable network operations. As of now, no formal acquisition proposals have been announced, and the review process is ongoing.
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