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Warner Bros. Discovery said it is reviewing strategic alternatives after receiving unsolicited interest in the whole company and in a standalone Warner Bros. streaming and studios unit. Options include a sale of WBD, separate deals for Warner Bros. and/or Discovery Global, or a structure that merges Warner Bros. with a third party while spinning off Discovery Global. The company is still advancing its planned separation, targeted for April 2026. Shares jumped more than 8% to nearly $20. WBD reportedly rejected a $20-per-share bid from Paramount Skydance. No timetable was set for the review.

Prepared by Christopher Adams and reviewed by editorial team.