Media giant Warner Bros. Discovery puts itself up for sale

Warner Bros. Discovery, owner of networks including HBO and CNN, put itself up for sale Tuesday.

The announcement comes after the media conglomerate previously said it would divide into two companies. The idea was to have one company focus on the cable network side while the other managed the streaming and film business.

Warner Bros. Discovery will still focus on the split while it shops itself around the market, the company said in a press release.

“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," said President and CEO David Zaslav. “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."

The company’s split is expected to be finalized in mid-2026.

"We continue to believe that our planned separation to create two distinct, leading media companies will create compelling value,” Zaslav said. “We determined taking these actions to broaden our scope is in the best interest of shareholders."

Warner Bros. Discovery carried a market value north of $45 billion Monday, though it also holds billions of dollars in debt.

Paramount Skydance previously expressed interest in purchasing Warner Bros. Discovery back in September, though it sounds like those negotiations stalled in recent weeks.