Warner Bros. Put on the Market — Is Batman About to Change Hands?

Warner Bros. Discovery’s board has started a formal review of strategic options that could include selling the Warner Bros. side of the company, the firm announced. The move follows CEO David Zaslav’s earlier plan to split Warner Bros. Discovery into two companies, and the board said it acted after receiving unsolicited interest from multiple parties.

1. What happened
2. What’s included
3. Why now and timeline
4. Potential buyers and offers
5. Possible impacts
6. Board statement

What happened

On Tuesday, Warner Bros. Discovery said the board has launched a review of “strategic alternatives” aimed at maximizing shareholder value. In that announcement, the company said the review could consider keeping the company together, completing the planned split, or selling all or parts of the business. For the company’s own statement, see this press release.

What’s included

Under the plan already announced, the future “Warner Bros.” entity would house studios and creative brands such as DC Studios, HBO, HBO Max, Adult Swim, Cartoon Network, and Warner Bros. Games. Meanwhile, a separate Discovery Global company would keep lifestyle and news assets like CNN, Discovery Channel, and TNT Sports. The board’s review said it had received interest for both the entire company and the Warner Bros. side specifically.

Why now and timeline

David Zaslav became CEO of the merged Warner Bros. Discovery in 2022 and later outlined a plan to split the company by mid-2026 to create two independent businesses. However, the board said there is currently no firm timeline beyond the separation plan, and no guarantee that a sale will occur.

Earlier moves under Zaslav — including canceled projects and other cost-cutting actions — drew public backlash. For one example of the reaction, see this Vulture story, which notes public criticism of some decisions.

Potential buyers and offers

The board said unsolicited interest prompted the review. One named potential bidder is investor David Ellison, who after acquiring Paramount earlier this year reportedly made a bid that Warner Bros. Discovery rebuffed. Bloomberg reported a $20-a-share offer that insiders said was rejected. Meanwhile, analysts have noted the company may be hoping to trigger competitive bids; for context see this market analysis.

Possible impacts

If a sale or further consolidation happens, the industry expects several concrete effects. For instance, large media transactions often lead to job cuts as buyers seek synergies. For reporting on similar impacts after other mergers, see coverage of layoffs and consolidation at The Guardian.

Observers also point to potential effects on creative output and company strategy. For discussion of how mergers can affect creative businesses, see this Los Angeles Times piece. At the same time, the board and management say any decision will be taken with shareholder value in mind and that no final choice has been made yet.

Board statement

In its announcement, Warner Bros. Discovery quoted board chair Samuel A. Di Piazza, Jr.: “Our decision to initiate this review underscores the Board’s commitment to considering all opportunities to determine the best value for our shareholders,” Samuel A. Di Piazza, Jr., chair of the Warner Bros. Discovery board of directors, said in a statement. “We continue to believe that our planned separation to create two distinct, leading media companies will create compelling value. That said, we determined taking these actions to broaden our scope is in the best interest of shareholders.”

In short, the company has started a review that could lead to a sale, a split, or neither. For now, concrete steps are limited to the review itself and the previously announced plan to separate the businesses by mid-2026.