Warner Bros. Discovery (WBD) has initiated a review of strategic alternatives after the company said it had received "unsolicited interest" from several parties in a potential takeover. The decision comes at a time when the media group is already working on splitting into two independent companies.

As the company announced, the Board of Directors will examine a number of possible options. These include the planned spin-off into two companies - Warner Bros. (film and streaming business) and Discovery Global (linear TV business) - as well as a sale of the entire company or individual divisions. Alternative spin-off structures, such as a merger of Warner Bros. with a subsequent spin-off of Discovery Global, are also to be considered.

"We have made significant progress in preparing our company for success in a changing media environment," said WBD CEO David Zaslav. The planned split was "the best way forward", but the company sees a need for additional action due to growing market interest. Chairman of the Board of Directors Samuel A. Di Piazza Jr. emphasised that the board would "carefully examine all options in the interests of the shareholders".

At the same time as this announcement, it became known that Paramount Skydance has once again made a takeover bid for Warner Bros. Discovery. According to information from the industry portal Deadline the most recent offer was 24 US dollars per shareafter a first attempt via 20 US dollars per share had previously failed. Both offers are said to have been rejected by WBD. Neither Paramount nor Warner Bros. Discovery commented on the reports.

In addition to Paramount, other potential interested parties are also mentioned, including Comcast, Netflix and Amazonobservers see regulatory hurdles or strategic concerns as potential obstacles. Nevertheless, the market reacted positively: WBD shares reached a three-year high and recently rose by around eleven per cent.

The review of strategic alternatives is taking place without a fixed timetable. WBD emphasised that there is no guarantee that the process will result in a transaction. Further announcements are only planned if the Board of Directors makes concrete decisions or additional information is required.