Core Viewpoint - Warner Bros. Discovery is exploring strategic alternatives, including a potential sale, following unsolicited interest from multiple parties for the entire company and specifically for Warner Bros [1][2][7] Group 1: Strategic Review and Interest - The company has initiated a review of strategic alternatives due to unsolicited interest from various parties [1][2] - Reports indicate a potential bidding war, with Paramount showing interest in a majority-cash offer [2][3] - Other interested parties include Netflix and Comcast, although Comcast declined to comment [4] Group 2: Company Structure and Future Plans - In June, Warner Bros. Discovery announced plans to split its cable and streaming operations into two distinct companies by mid-2026 [5][6] - The split will separate HBO, HBO Max, and Warner Bros. Television into a new streaming entity, while CNN, Discovery, and TNT Sports will form a separate cable company [5] - The CEO emphasized the value of the company's portfolio and acknowledged the market's recognition of this value [7] Group 3: Market Reaction - Following the announcement of the strategic review, shares of Warner Bros. Discovery rose by more than 9% [8]