Warner Bros. Discovery, the owner of HBO, CNN, and the Warner Bros. movie studio, just hung a “for sale” sign on its business.
In a lengthy statement released Tuesday morning, Warner Bros. Discovery said it was considering a variety of deals, including a sale of the entire company or a spinoff of some of its assets, in response to interest from possible buyers.
“While we aren’t going to get into the specifics of who has expressed interest, it is safe to assume it is multiple parties,” the statement said.
In June, Warner Bros. said it would split its streaming and studios business from its cable networks business. The move aims to unshackle promising parts of the company, like the HBO Max streaming service, from the profitable but decaying cable networks like TNT and CNN.
Paramount has expressed interest in acquiring Warner Bros. Discovery before that spinoff happens, hoping to scoop up the cable and streaming businesses in their entirety. Unlike other entertainment giants that are jettisoning their cable networks, Paramount is doubling down on traditional TV, which is still a major profit center.
Executives at Warner Bros. Discovery expect the streaming business to be attractive to a variety of buyers, including tech companies like Netflix, Amazon, and Apple. Some analysts think that one or more of those companies could also jump in to bid on all of Warner Bros. Discovery because of Paramount’s interest.
This article originally appeared in The New York Times.
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