Warner Bros. Discovery Puts Entire Company Up for Sale

Warner Bros. Discovery has officially initiated a review of “strategic alternatives,” confirming it is open to selling all or parts of its business amid interest from major buyers. The announcement follows months of speculation surrounding its mounting debt and restructuring plans after its 2022 merger of Warner Bros. and Discovery brands. The decision puts one of Hollywood’s largest entertainment portfolios, encompassing film, TV, streaming, and video games, on the market.​

A Possible Restructuring of Hollywood’s Power Map

CEO David Zaslav stated that the process is designed to “maximize shareholder value” and ensure the company remains competitive amid industry consolidation. The review will assess three possibilities: a full sale to a major buyer (potentially Netflix or Comcast), a split into two separate entities, Warner Bros. and Discovery Global, or individual spin-offs of major divisions like Warner Bros. Games and HBO.​

Warner Bros. Games, one of the company’s most profitable divisions, is expected to be a key focal point of any acquisition discussions. The division manages a robust portfolio that includes Rocksteady Studios (Suicide Squad: Kill the Justice League), NetherRealm (Mortal Kombat, Injustice), Avalanche Software (Hogwarts Legacy), and Monolith Productions (Wonder Woman and an unannounced Lord of the Rings game). These projects, alongside ongoing DC Universe titles, contribute significantly to WBD’s stable revenue line.​

Following the success of Hogwarts Legacy, which surpassed $1.3 billion in revenue, and Mortal Kombat 1, which continues to perform strongly post-launch, analysts believe WBD’s gaming arm could fetch substantial interest as a standalone sale. Several industry observers have already speculated that Microsoft, Sony, or Amazon might explore partial acquisitions, especially amid their recent investments in major studios.

WBD’s move is emblematic of the broader financial stress reshaping legacy media. The company’s stock surged 11% following the announcement, indicating rising investor optimism around a potential sale or breakup. Industry insiders anticipate a heated bidding landscape over the coming months as major corporations scramble to consolidate content libraries and IP strength.