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warner bros discovery has officially put itself up for sale.
The entertainment group also owns several well-known brands. cnn, hbo, DC Studios and the major Warner Bros. movie studios.
In a press release seen by Independent, The company announced a “review of strategic options” after receiving “unsolicited interest” from both the company as a whole and Warner Bros. in particular.
Last month, shares of Warner Bros. Discovery rose nearly 30 percent Paramount was reportedly preparing a majority cash bid to acquire the media conglomerate, following its merger with Skydance Media.
Warner Bros. Discovery’s share price rose 11% this morning, meaning the company is now worth $50 billion.
Had Paramount secured the deal, it would have brought together two of Hollywood’s most established power players – and brought CNN and CBS under one roof.
However, there are several other potential buyers who may be interested in Warner Bros. Discovery, including Netflix and Comcast.
In a statement to the press, David Zaslav, Chairman and CEO of Warner Bros. Discovery, said: “We are making significant progress in positioning our business to succeed in today’s evolving media landscape by advancing our strategic initiatives, returning our studios to industry leadership, and growing HBO Max globally.
“We took the bold step of preparing to split the company into two separate, leading media companies, Warner Bros. and Discovery Global, because we strongly believed this was the best path forward.”
He added: “It is no surprise that the significant value of our portfolio is receiving increased recognition by others in the market. Having received interest from a number of parties, we have initiated a comprehensive review of strategic options to identify the best path forward to unlock the full value of our assets.”
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Warner Bros. Discovery also stated that they have not set any time frame or definite timetable for a potential sale, and that an eventual sale is not guaranteed.
back in june, Warner Bros. Discovery announced its plans to split into two companies by 2026.
One company is going to focus on the HBO Max streaming product and Warner Bros. film studios, while the other will be a global brand including cable channels like CNN, TNT and Discovery.
In a new statement, Samuel Di Piazza, Jr., chairman of the Warner Bros. Discovery board of directors, said: “We believe that our planned separation will create attractive value to create two distinct, leading media companies. That said, we have determined that taking these actions to broaden our scope is in the best interests of shareholders.”