Warner Bros. Discovery (WBD) will publicly reveal by Christmas—targeting mid-to-late December—whether it sells the entire company, splits into two independent entities, sells select assets, or pursues a hybrid deal, multiple sources tell CNBC.
The decision caps a fast-moving strategic review launched October 21 after “multiple parties” made unsolicited bids for all or part of the $25 billion media giant. CEO David Zaslav and the board are weighing:A full sale, led by Paramount Skydance’s $23.50-per-share cash-and-stock offer (an 87% premium to WBD’s pre-rumor price).
Selling only the premium studio/streaming half to Netflix, Comcast/NBCUniversal, or Amazon, leaving linear-TV assets behind.
Paramount, the only suitor willing to swallow WBD whole, has sent three escalating letters and is prepared to go hostile—taking a tender offer straight to shareholders—if the board drags its feet or rejects talks.
Why now? Linear-TV cord-cutting and ad weakness have crushed WBD’s networks unit, while HBO Max and the Warner film library remain crown jewels. A pre-split sale could fetch a higher multiple; waiting risks lower valuations for two smaller, less-synergistic companies.