Posted in: HBO, Max, Movies, TV | Tagged: netflix, paramount, warner bros discovery

Warner Bros. Discovery: "Multiple Parties" Interested in Buying WBD

Warner Bros. Discovery officially confirmed receiving offers from "multiple parties" to acquire either the entire company or Warner Bros.

It looks like Warner Bros. Discovery (WBD) is officially taking offers, but there is no guarantee that anything will result from them. WBD's Board of Directors announced it had "initiated a review of strategic alternatives to maximize shareholder value, in light of unsolicited interest the Company has received from multiple parties for both the entire company and Warner Bros." That "multiple parties" part is particularly interesting since reports are that  David Ellison's Skydance was readying a $20/share offer for all of WBD, while other reports have Netflix having an interest in buying WBD's film and streaming sides (reports that Netflix has kinda, sorta denied – like how the streamer denied having an interest in professional sports until they did).

"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," the statement continued. "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." The company noted that there is "no assurance that this process will result in the Company [WBD] pursuing a transaction or other outcome, and that no further updates will be made public "unless and until the Board approves a specific transaction or otherwise determines further disclosure is appropriate or necessary."

"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," shared David Zaslav, President and CEO of Warner Bros. Discovery, in a statement. "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."

Samuel A. Di Piazza, Jr., Chair of the Warner Bros. Discovery Board of Directors, added, "Our decision to initiate this review underscores the Board's commitment to considering all opportunities to determine the best value for our shareholders. 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."

As all of this plays out, Allen & Company, J.P. Morgan and Evercore serve as financial advisors to Warner Bros. Discovery and Wachtell Lipton, Rosen & Katz and Debevoise & Plimpton LLP serve as legal counsel.

Warner Bros. (previously "Streaming & Studios"): Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO and HBO Max (including international sports offering), Warner Bros. Games, Tours, Retail and Experiences, and studio production facilities in Burbank and Leavesden. David Zaslav, President and CEO of WBD, will serve as President and CEO. The leadership team will include:

• Pam Abdy, Co-Chair and CEO Warner Bros. Motion Picture Group
• Priya Aiyar, Chief Legal Officer
• Casey Bloys, Chairman and CEO, HBO and HBO Max
• Bruce Campbell, Chief Operating Officer
• Mike De Luca, Co-Chair & CEO, Warner Bros. Motion Picture Group
• Channing Dungey, Chairman & CEO, Warner Bros. TV Group
• Robert Gibbs, Chief Communications & Public Affairs Officer
• James Gunn, Co-Chairman and CEO, DC Studios
• Lori Locke, Chief Accounting Officer (reporting to the Chief Financial Officer)
• JB Perrette, CEO & President of Streaming and Games
• Peter Safran, Co-Chairman and CEO, DC Studios
• Avi Saxena, Chief Technology Officer (reporting to Perrette)

Discovery Global (previously "Global Networks"): Entertainment, sports, and news television brands, including CNN, TNT Sports in the U.S., and Discovery, top free-to-air channels across Europe, and digital products such as the Discovery+ streaming service, CNN's upcoming streaming service, and Bleacher Report (B/R). Gunnar Wiedenfels, CFO of WBD, will serve as President and CEO. The leadership team will include:

• David Duvall, Chief Technology Officer
• Amy Girdwood, Chief People & Culture Officer
• Ryan Gould, President, US Ad Sales GTM (reporting to Zeiler)
• Anil Jhingan, Chief Development Officer
• Kasia Kieli, President and MD, Poland and CEO, TVN
• Fernando Medin, President, International
• Scott Miller, President, Distribution (reporting to Zeiler)
• Fulvia Nicoli, Executive Vice President, Content Strategy & Insights (reporting to Zeiler)
• Brian Rauch, Chief Accounting Officer (reporting to Woodford)
• Luis Silberwasser, Chairman and CEO, TNT Sports
• Mark Thompson, Chairman and CEO, CNN Worldwide
• Sue Underwald, Chief Legal Officer
• Bobby Voltaggio, President, US Ad Sales Platform Monetization (reporting to Zeiler)
• Fraser Woodford, Chief Financial Officer
• Gerhard Zeiler, President, US, UK & Germany, Discovery+ and Chief Content Officer

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