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Warner Bros. Discovery shares hit a 52-week high after the board launched a review of strategic alternatives, citing unsolicited interest from multiple parties. Options span its planned split, a sale of the whole company, separate deals for Warner Bros. or Discovery Global, or a structure merging Warner Bros. and spinning off Discovery Global. There’s no timeline. Analysts largely see Paramount Skydance as the likeliest buyer, while Comcast faces regulatory headwinds; price targets rose at Benchmark and Guggenheim, and BofA reiterated a buy, arguing the interest should help support the stock.

Prepared by Christopher Adams and reviewed by editorial team.