(Reuters) – Warner Bros. Discovery (WBD) shares climbed on Tuesday after the U.S. entertainment giant said it was exploring the possibility of putting itself up for sale, due to interest from several potential buyers, even as the group continues its previously announced split into two companies.
On the New York Stock Exchange, around 1:30 p.m. GMT, the stock rose 8.02% to $19.79.
There is no definitive deadline or timetable for completion of the strategic alternatives review process, WBD said.
According to media reports, Paramount Skydance CEO David Ellison is in talks to acquire the combined company, ahead of its planned split between Warner Bros and Discovery Global.
The decline of traditional media, due to the abandonment of linear television, as well as the shift of audiences and advertisers to streaming platforms, has forced traditional media companies to rethink their business structures.
Warner Bros. Discovery – home to CNN, HBO Max and the “Harry Potter” franchise – has made job cuts and plans to split its cable and streaming units by next year to unlock the value of its assets.
(Written by Harshita Mary Varghese in Bangalore; Augustin Turpin, edited by Blandine Hénault)
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