Warner Bros. Discovery shares jumped to highest since 2022 after the company said multiple parties had expressed interest in buying all or part of the business, closing up 11% at $20.33. Analysts cast Paramount as the leading bidder, citing Skydance-linked regulatory prospects, while potential interest from Comcast and Netflix appears more complicated. Bank of America’s Jessica Reif Ehrlich welcomed the interest, kept a Buy with a $24 target, and noted the plan to split cable networks from studio and streaming has reverted to a mid-2026 timeline. Bernstein urged WBD to keep rival bidders at the table.

Prepared by Christopher Adams and reviewed by editorial team.