NEW YORK (AP) – In a significant turn of events, Warner Bros. Discovery has hinted at a potential sale of its business, just months after unveiling plans to split into two separate companies. This announcement was made on Tuesday, as the media giant revealed it had started a review of "strategic alternatives" due to "unsolicited interest" from multiple parties regarding both the entire company and specifically Warner Bros.

The company did not disclose the identities of the interested parties, and a spokesperson indicated to The Associated Press that further information could not be provided at this time. However, this development follows increasing speculation of a bidding war, notably involving Paramount, which recently executed its own $8 billion merger under Skydance in early August.

According to anonymous sources cited by The Wall Street Journal, Paramount’s approach to Warner Bros. regarding a potential majority-cash offer occurred in late September, but Warner's Chief Executive David Zaslav had initially turned down these overtures. The report indicated that David Ellison, CEO of Paramount Skydance, later contemplated a more direct approach by reaching out to shareholders.

Additional reports from CNBC suggest that major players such as Netflix and Comcast are also exploring opportunities to invest in Warner Bros. Discovery. Comcast has opted not to provide any comments on the matter, and requests for statements from Paramount and Netflix went unanswered at the time of publication.

Earlier in June, Warner Bros. Discovery had delineated its plans to separate its cable and streaming segments. The division was set to position HBO, HBO Max, Warner Bros. Television, Warner Bros. Motion Picture Group, and DC Studios within a new streaming and studios entity. In contrast, networks like CNN, Discovery, and TNT Sports, along with digital products such as the Discovery+ streaming service and Bleacher Report, were slated to become part of a separate cable organization.

The company projected that this split would be finalized by mid-2026. Zaslav reaffirmed on Tuesday that progressing with this separation remains an option currently under consideration. He expressed that the strategic decision to divide the company was made to create two distinct and leading media firms, asserting that the inherent value of their portfolio is gaining increased acknowledgment in the market.

Warner Bros. Discovery further indicated that there is no set timeline for its review process and emphasized that beyond the ongoing separation, "there can be no assurance" that this review will culminate in a transaction.

Following the announcement, shares of Warner Bros. Discovery, headquartered in New York, experienced a notable increase, surging over 11% in midday trading.