Warner Bros. Discovery in its review of strategic alternatives to maximize shareholder value

On October 21, 2025, Warner Bros. Discovery, Inc. (NASDAQ: WBD) announced that as it continues to advance its previously announced separation of Warner Bros. and Discovery Global, its Board of Directors has initiated a review of strategic alternatives to maximize shareholder value, in light of unsolicited interest WBD has received from multiple parties for both the entire company and Warner Bros.

Through this process, the WBD Board will evaluate a broad range of strategic options, which will include continuing to advance WBD’s planned separation to completion by mid-2026, a transaction for the entire company, or separate transactions for its Warner Bros. and/or Discovery Global businesses.  As part of the review, WBD will also consider an alternative separation structure that would enable a merger of Warner Bros. and spin-off of Discovery Global to shareholders.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to WBD.