Warner Bros. Discovery Initiates Review of Potential Alternatives to Maximize Shareholder Value
Warner Bros. Discovery (NASDAQ: WBD) said its Board has initiated a review of strategic alternatives after receiving unsolicited interest from multiple parties for both the entire company and Warner Bros.
The Board will evaluate options including: continuing the planned separation into two companies (Warner Bros. and Discovery Global) targeted for completion by mid-2026, a transaction for the entire company, separate transactions for Warner Bros. and/or Discovery Global, or an alternative structure combining a merger of Warner Bros. with a spin-off of Discovery Global.
No deadline is set for the review; the company said there is no assurance the process will produce a transaction. Allen & Company, J.P. Morgan and Evercore are financial advisors; Wachtell Lipton, Rosen & Katz and Debevoise & Plimpton LLP are legal counsel.
Warner Bros. Discovery (NASDAQ: WBD) ha detto che il suo Consiglio ha avviato una valutazione delle alternative strategiche dopo aver ricevuto interesse non richiesto da parte di molteplici soggetti sia per l'intera azienda sia per Warner Bros.
Il Consiglio valuterà opzioni tra cui: continuare la separazione pianificata in due aziende (Warner Bros. e Discovery Global) prevista per il completamento entro metà 2026, una transazione per l'intera azienda, transazioni separate per Warner Bros. e/o Discovery Global, o una struttura alternativa che combini una fusione di Warner Bros. con uno spin-off di Discovery Global.
Nessuna scadenza è fissata per la revisione; l'azienda ha dichiarato che non vi è alcuna garanzia che il processo produca una transazione. Allen & Company, J.P. Morgan ed Evercore sono consulenti finanziari; Wachtell Lipton, Rosen & Katz e Debevoise & Plimpton LLP sono consulenti legali.
Warner Bros. Discovery (NASDAQ: WBD) dijo que su Junta Directiva ha iniciado una revisión de alternativas estratégicas tras recibir interés no solicitado de múltiples partes tanto por la totalidad de la empresa como por Warner Bros.
La Junta evaluará opciones que incluyen: continuar la separación planificada en dos empresas (Warner Bros. y Discovery Global) prevista para completarse para mediados de 2026, una transacción para la empresa en su conjunto, transacciones separadas para Warner Bros. y/o Discovery Global, o una estructura alternativa que combine una fusión de Warner Bros. con una escisión de Discovery Global.
No se ha fijado una fecha límite para la revisión; la compañía afirmó que no hay garantía de que el proceso genere una transacción. Allen & Company, J.P. Morgan y Evercore son asesores financieros; Wachtell Lipton, Rosen & Katz y Debevoise & Plimpton LLP son asesoría legal.
Warner Bros. Discovery (NASDAQ: WBD) 이사회는 여러 당사자로부터 비공개 제안을 받아 전체 회사와 Warner Bros. 양쪽에 대한 전략적 대안에 대한 검토를 시작했다고 밝혔다.
이사회는 2026년 중반까지 완료를 목표로 하는 Warner Bros.와 Discovery Global로의 두 회사로의 분할 지속, 전체 회사에 대한 거래, Warner Bros. 및/또는 Discovery Global의 개별 거래, 또는 Warner Bros.와 Discovery Global의 분할을 포함하는 합병 구조를 결합한 대안 구조를 포함한 옵션을 평가할 것이다.
검토에 대한 마감 시한은 설정되지 않았으며 이 과정이 거래를 낳을 것이라는 보장은 없다. Allen & Company, J.P. Morgan 및 Evercore는 금융 고문으로, Wachtell Lipton, Rosen & Katz 및 Debevoise & Plimpton LLP는 법률 자문이다.
Warner Bros. Discovery (NASDAQ : WBD) a déclaré que son conseil d'administration a lancé un examen des alternatives stratégiques après avoir reçu un intérêt non sollicité de plusieurs parties tant pour l'ensemble de l'entreprise que pour Warner Bros.
Le conseil évaluera des options comprenant : poursuivre la scission prévue en deux entreprises (Warner Bros. et Discovery Global) dont l'achèvement est prévu pour mi-2026, une transaction pour l'ensemble de l'entreprise, des transactions séparées pour Warner Bros. et/ou Discovery Global, ou une structure alternative comprenant une fusion de Warner Bros. avec une scission de Discovery Global.
Aucune échéance n'est fixée pour l'examen ; l'entreprise a déclaré qu'il n'y a aucune garantie que le processus aboutisse à une transaction. Allen & Company, J.P. Morgan et Evercore sont des conseillers financiers ; Wachtell Lipton, Rosen & Katz et Debevoise & Plimpton LLP sont des conseils juridiques.
Warner Bros. Discovery (NASDAQ: WBD) sagte, der Vorstand habe eine Prüfung strategischer Alternativen eingeleitet, nachdem er unaufgeforderte Interessen mehrerer Parteien sowohl an dem gesamten Unternehmen als auch an Warner Bros. erhalten habe.
Der Vorstand wird Optionen prüfen, darunter: Fortsetzung der geplanten Aufspaltung in zwei Unternehmen (Warner Bros. und Discovery Global), voraussichtlich bis Mitte 2026 abgeschlossen, eine Transaktion für das gesamte Unternehmen, getrennte Transaktionen für Warner Bros. bzw. Discovery Global oder eine alternative Struktur, die eine Fusion von Warner Bros. mit einer Abspaltung von Discovery Global kombiniert.
Für die Prüfung ist kein Frist gesetzt; das Unternehmen sagte, es gebe keine Gewähr, dass der Prozess zu einer Transaktion führen werde. Allen & Co., J.P. Morgan und Evercore sind Finanzberater; Wachtell Lipton, Rosen & Katz und Debevoise & Plimpton LLP sind Rechtsberater.
Warner Bros. Discovery (NASDAQ: WBD) قال مجلس الإدارة إن مجلس الإدارة بدأ مراجعة لخيارات استراتيجية بعد تلقيه اهتماماً غير مطلوب من عدة أطراف بكل من الشركة ككل وWarner Bros.
سيقيّم المجلس خيارات تشمل: استمرار الانفصال المخطط له إلى شركتين (Warner Bros. وDiscovery Global) والمقرر اكتماله بحلول منتصف 2026، صفقة للشركة ككل، معاملات منفصلة لـ Warner Bros. و/أو Discovery Global، أو بنية بديلة تجمع بين اندماج Warner Bros. مع تفريع Discovery Global.
لم يتم وضع موعد نهائي للمراجعة؛ وقالت الشركة إنه لا توجد ضمانات بأن تؤدي العملية إلى صفقة. Allen & Company وJ.P. Morgan وEvercore مستشارون ماليون؛ Wachtell Lipton, Rosen & Katz وDebevoise & Plimpton LLP مستشارون قانونيون.
华纳兄弟探索公司（纳斯达克股票代码：WBD） 表示，其董事会已启动对战略替代方案的评估，原因是收到来自多方的非请求性兴趣，涉及整个公司和华纳兄弟影业两者。
董事会将评估包括以下选项：继续将按计划分拆为两家公司（华纳兄弟影业与Discovery Global），预计在2026 年中前完成，针对整个公司的交易，华纳兄弟影业和/或 Discovery Global 的单独交易，或将华纳兄弟影业与 Discovery Global 的 spin-off 结合在一起的合并结构等替代方案。
尚未设定评估的截止日期；公司表示该过程不保证会产生交易。 Allen & Company、J.P. Morgan 和 Evercore 为金融顾问；Wachtell Lipton、Rosen & Katz 与 Debevoise & Plimpton LLP 为法律顾问。
- Planned separation completion target: mid-2026
- Board initiated strategic-review after multiple unsolicited offers
- Advisors engaged: Allen & Company, J.P. Morgan, Evercore
- Board considering alternative merger-plus-spin-off structure
- No deadline set for the strategic-review, creating timing uncertainty
- Company stated no assurance the review will produce a transaction
- Management said it will not provide further updates unless a transaction is approved
Insights
Board opens a broad strategic review after unsolicited interest; potential paths include completing the planned split by
Warner Bros. Discovery will evaluate continuing the planned separation into two companies, a sale of the whole company, or separate transactions for its Warner Bros. and Discovery Global businesses; advisors include Allen & Company, J.P. Morgan and Evercore and legal counsel include Wachtell Lipton and Debevoise & Plimpton LLP.
The main dependencies are the quality and terms of unsolicited bids and the Board's assessment versus the announced separation. The company states there is no set timetable and may not announce outcomes unless a transaction is approved, which limits near-term clarity and reaction.
Watch for concrete milestones such as any definitive agreement, competing bids, or a change to the separation timetable, with meaningful updates likely within weeks to months rather than days;
Company Continues to Execute on Previously Announced Separation into Two Distinct, Leading Media Companies
Process Follows Unsolicited Interest from Multiple Parties for the Entire Company and Warner Bros.
Through this process, the Warner Bros. Discovery Board will evaluate a broad range of strategic options, which will include continuing to advance the Company's planned separation to completion by mid-2026, a transaction for the entire company, or separate transactions for its Warner Bros. and/or Discovery Global businesses. As part of the review, the Company will also consider an alternative separation structure that would enable a merger of Warner Bros. and spin-off of Discovery Global to our shareholders.
"We continue to make important strides to position our business to succeed in today's evolving media landscape by advancing our strategic initiatives, returning our studios to industry leadership, and scaling HBO Max globally. We took the bold step of preparing to separate the Company into two distinct, leading media companies, Warner Bros. and Discovery Global, because we strongly believed this was the best path forward," said David Zaslav, President and CEO of Warner Bros. Discovery.
Zaslav added, "It's no surprise that the significant value of our portfolio is receiving increased recognition by others in the market. After receiving interest from multiple parties, we have initiated a comprehensive review of strategic alternatives to identify the best path forward to unlock the full value of our assets."
"Our decision to initiate this review underscores the Board's commitment to considering all opportunities to determine the best value for our shareholders," added Samuel A. Di Piazza, Jr., Chair of the Warner Bros. Discovery Board of Directors. "We continue to believe that our planned separation to create two distinct, leading media companies will create compelling value. That said, we determined taking these actions to broaden our scope is in the best interest of shareholders."
There is no deadline or definitive timetable set for completion of the strategic alternatives review process. Other than the separation transaction that is already underway, there can be no assurance that this process will result in the Company pursuing a transaction or other outcome. Warner Bros. Discovery does not intend to make any further announcements regarding the review of strategic alternatives unless and until the Board approves a specific transaction or otherwise determines further disclosure is appropriate or necessary.
Allen & Company, J.P. Morgan and Evercore are serving as financial advisors to Warner Bros. Discovery and Wachtell Lipton, Rosen & Katz and Debevoise & Plimpton LLP are serving as legal counsel.
Investor Contact:
Investor.Relations@wbd.com
212-548-5882
Media Contact:
Robert Gibbs
Robert.Gibbs@wbd.com
347-268-3017
Megan Klein
Megan.Klein@wbd.com
310-210-5018
About Warner Bros. Discovery:
Warner Bros. Discovery is a leading global media and entertainment company that creates and distributes the world's most differentiated and complete portfolio of branded content across television, film, streaming and gaming. Warner Bros. Discovery inspires, informs and entertains audiences worldwide through its iconic brands and products including: Discovery Channel, HBO Max, discovery+, CNN, DC, TNT Sports, Eurosport, HBO, HGTV, Food Network, OWN, Investigation Discovery, TLC, Magnolia Network, TNT, TBS, truTV, Travel Channel, Animal Planet, Science Channel, Warner Bros. Motion Picture Group, Warner Bros. Television Group, Warner Bros. Pictures Animation, Warner Bros. Games, New Line Cinema, Cartoon Network, Adult Swim, Turner Classic Movies, Discovery en Español, Hogar de HGTV and others. For more information, please visit www.wbd.com.
Cautionary Statement Concerning Forward-Looking Statements
Information set forth in this communication constitutes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding the Company's expectations, beliefs, intentions or strategies regarding the future, and can be identified by forward-looking words such as "anticipate," "believe," "could," "continue," "estimate," "expect," "intend," "may," "should," "will" and "would" or similar words. These forward-looking statements are based on current expectations, forecasts, and assumptions that involve risks and uncertainties and on information available to Warner Bros. Discovery as of the date hereof.
Forward-looking statements include, without limitation, statements about the benefits of the planned separation, including future financial and operating results, in the case of a separation, either company's the future plans, objectives, expectations and intentions, the Company's review of strategic alternatives, and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of WBD's management and are subject to significant risks and uncertainties outside of our control. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the following: whether we will be able to identify or develop any strategic alternatives to our planned separation; our ability to execute on material aspects of any strategic alternatives that are identified and pursued, whether we can achieve the potential benefits of any strategic alternatives; the occurrence of any event, change or other circumstances that could give rise to the abandonment of the planned separation or pursuit of a different structure or strategic alternative; risks that any of the conditions to the planned separation may not be satisfied in a timely manner; risks that the anticipated tax treatment of the planned separation is not obtained; risks related to potential litigation brought in connection with the planned separation, any unsolicited proposal, or the review of strategic alternatives; uncertainties as to the timing of the planned separation and the review of strategic alternatives; risks and costs related to the planned separation, the receipt of unsolicited proposals, and the review of strategic alternatives, including risks relating to changes to the configuration of WBD's existing businesses; the risk that implementing the planned separation may be more difficult, time consuming or costly than expected; risks related to financial community and rating agency perceptions of WBD and its business, operations, financial condition and the industry in which it operates; risks related to disruption of management time from ongoing business operations due to the planned separation, any unsolicited proposal, or the review of strategic alternatives; failure to realize the benefits expected from the planned separation; the final terms and conditions of the planned separation, including the terms of any ongoing commercial agreements and arrangements, and the relationship between Warner Bros. and Discovery Global following the planned separation; the nature and amount of any indebtedness incurred by Warner Bros. or Discovery Global; effects of the announcement, pendency or completion of the planned separation and the review of strategic alternatives on the ability of WBD to retain and hire key personnel and maintain relationships with its suppliers, and on its operating results and businesses generally; risks related to the potential impact of general economic, political and market factors on WBD as it implements its planned separation; and risks related to obtaining permanent financing.
WBD's actual results could differ materially from those stated or implied, due to risks and uncertainties associated with its business, which include the risks related to the planned separation, receipt of unsolicited proposals, and the review of strategic alternatives. Discussions of additional risks and uncertainties are contained in WBD's filings with the Securities and Exchange Commission, including but not limited to WBD's most recent Annual Report on Form 10-K and reports on Form 10-Q and Form 8-K. WBD is not under any obligation, and expressly disclaims any obligation, to update, alter, or otherwise revise any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events, or otherwise. Persons reading this communication are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof.
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SOURCE Warner Bros. Discovery, Inc.
FAQ
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