US media conglomerate Warner Bros. Discovery is reportedly considering selling up shop, which has attracted the attention of many potential buyers.
According to many sources, shares in Warner Bros. Discovery have jumped 11% since the announcement was made, and the company has already received bids from "multiple parties."
Paramount Skydance is just one firm interested in the acquisition. But, as reported by Reuters, Warner Bros. rejected a bid from Paramount on Tuesday October 21. However, Warner Bros. Discovery Chief executive David Zaslav said the board would review its options and identify the "best path ... to unlock the full value of our assets".
It is no surprise that companies are interested in the sale, as on top of Warner Bros. Pictures, WB Discovery owns many other networks such as HBO, CNN, DC Studios, TNT Sports, Cartoon Network, and more. The company also owns big franchises like Harry Potter, Lord of the Rings and Looney Tunes.
On top of its rich catalogue, Warner Bros. seems to have seen a lot of success over the past years, with movies such as Superman and Sinners making waves at the box office, as well shows such as The White Lotus drawing viewers to the small screen. So why is Warner Bros. Discovery selling up?
The media industry has felt a lot of pressure recently due to the rise of streaming and decline of traditional television. To combat this, Warner Bros. Media merged with big network owner Discovery just three years ago. But the company has been losing money. It would make sense for Warner Bros. Discovery to split their streaming and cable assets. But board chairman Samuel Dipiazza said the company is considering all options, including splitting the assets, or selling either parts of all of the business.
It is not clear when Warner Bros. Discovery is looking to sell by. Upcoming movies releasing from Warner Bros. Pictures include Emerald Fennel's Wuthering Heights adaptation, Maggie Gyllenhaal's The Bride, and video game sequel Mortal Kombat 2.
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