Warner Bros. Discovery Plans Upfront Sale Amid Corporate Split

After much speculation, Warner Bros. Discovery has confirmed that Discovery Global will host its upfront presentation in May 2026, marking a pivotal moment as the media conglomerate prepares to split into two separate entities.

The upfront sales event, scheduled for May 13, 2026, at The Theater at Madison Square Garden in New York, will showcase Discovery Global's entertainment and sports advertising portfolio. The presentation comes as Warner Bros. Discovery moves forward with plans to separate into two companies by mid-2026: Warner Bros. Studios & Streaming and Discovery Global.

The announcement follows a surge in the company's share price, up more than 9% last week, after reports emerged of unsolicited acquisition interest from potential buyers. Warner Bros. Discovery intends to proceed with the split regardless of whether prospective acquirers prefer to keep the company intact.

Warner Bros. Discovery Corporate Split and Advertising Technology Strategy

The planned corporate separation will divide Warner Bros. Discovery's entertainment intellectual property, including Warner Bros. Studios and the Max streaming service, from Discovery Global's linear television and international assets. Management has said the restructuring aims to unlock shareholder value, reduce debt and allow each division to pursue more focused strategies.

"The 2026 Upfront will mark a bold new chapter for Discovery Global and Warner Bros., where strategic vision meets brand leadership across Sports, News, Entertainment, and Streaming," said Bobby Voltaggio, president of Warner Bros. Discovery's U.S. ad sales.

The company unveiled two ad-tech systems at its May 2025 upfront, NEO and DemoDirect, to integrate programmatic buying and first-party audience data across premium properties including HBO, Max, Discovery, CNN and TNT Sports. The technology is part of Warner Bros. Discovery's effort to compete with rivals such as Walt Disney Co., Paramount Global and Netflix Inc., which has been expanding its advertising-supported tier.

Warner Bros. Discovery Takeover Interest and Company Valuation

Warner Bros. Discovery is reviewing strategic alternatives amid interest from several major buyers. David Ellison, chief executive of Paramount Global, has reportedly made multiple offers to acquire the company, with his most recent bid at $23.50 per share, which would value Warner Bros. Discovery at approximately $58 billion.

People familiar with the matter said Warner Bros. Discovery Chief Executive David Zaslav has resisted the approaches. Bloomberg reported that the company rejected an offer of around $20 per share as too low.

Comcast Corp. and Netflix have also reached out to Warner Bros. Discovery to gather information for potential offers, according to people familiar with the discussions. A Warner Bros. Discovery spokesman declined to comment on specific offers.

Despite carrying approximately $35.6 billion in debt, Warner Bros. Discovery's market capitalization has climbed more than 46% since early September, when reports of Paramount's interest first surfaced. Still, analysts have raised concerns about valuation challenges and potential regulatory scrutiny, particularly regarding vertical integration in streaming and advertising markets.