Warner Bros. Discovery Has Received Interest From Multiple Parties For All Or Part Of Company

Core Viewpoint - Warner Bros. Discovery is initiating a review of strategic alternatives to maximize shareholder value due to unsolicited interest from multiple parties for its businesses, coinciding with its planned separation into two distinct companies by mid-2026 [1][2][4] Group 1: Strategic Review - The Board of Directors is evaluating a range of strategic options, including the completion of the planned separation, a transaction for the entire company, or separate transactions for Warner Bros. and/or Discovery Global [2] - An alternative separation structure is being considered that could enable a merger of Warner Bros. and a spin-off of Discovery Global to shareholders [2] Group 2: Company Positioning - The company is making strides to succeed in the evolving media landscape by advancing strategic initiatives and scaling HBO Max globally [3] - The CEO emphasized the significant value of the company's portfolio is gaining recognition in the market, prompting the review of strategic alternatives [4] Group 3: Commitment to Shareholders - The Board's decision to initiate the review reflects its commitment to exploring all opportunities to determine the best value for shareholders [4] - There is no set deadline for the completion of the strategic alternatives review process, and no assurance that it will lead to a specific transaction [4]