WBD Evaluating Potential Sale & Other Strategic Options

As Warner Bros. Discovery continues to advance the separation of Warner Bros. and Discovery Global, the board of directors has begun a review of strategic alternatives to maximize shareholder value, including a transaction for the entire company.

The board is also evaluating the benefits of continuing to advance the company’s planned separation to completion by mid-2026 and potential separate transactions for the Warner Bros. and/or Discovery Global businesses. As part of the review, the company is considering an alternative separation structure that would enable a merger of Warner Bros. and spin-off of Discovery Global to shareholders.

There is no deadline or definitive timeline set for the completion of the review of the potential alternatives. The company is continuing with the separation that is already in progress and is not actively pursuing any other action currently.

“We continue to make important strides to position our business to succeed in today’s evolving media landscape by advancing our strategic initiatives, returning our studios to industry leadership and scaling HBO Max globally,” said David Zaslav, president and CEO of Warner Bros. Discovery. “We took the bold step of preparing to separate the company into two distinct, leading media companies, Warner Bros. and Discovery Global, because we strongly believed this was the best path forward.”

Zaslav continued, “It’s no surprise that the significant value of our portfolio is receiving increased recognition by others in the market. After receiving interest from multiple parties, we have initiated a comprehensive review of strategic alternatives to identify the best path forward to unlock the full value of our assets.”

“Our decision to initiate this review underscores the board’s commitment to considering all opportunities to determine the best value for our shareholders,” added Samuel A. Di Piazza, Jr., chair of the board of directors for Warner Bros. Discovery. “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.”