Warner confirms it's now seeking a buyer

Move comes weeks after Paramount made an offer to acquire the entire company.

- By MEG JAMES

Warner Bros. Discovery has officially acknowledged the company is up for sale, marking the third time in a decade that its storied assets have been on the auction block.

The company's board announced Tuesday that it has initiated “a review of strategic alternatives ... in light of unsolicited interest the Company has received from multiple parties for both the entire company and Warner Bros.”

The Ellison family, which owns Paramount, started the bidding late last month. With financial backing from his father, Larry Ellison, David Ellison is looking to build an entertainment juggernaut. The family and RedBird Capital Partners finalized their takeover of Paramount in August, and has since made at least one offer for its rival. Paramount wants to buy the entire company, including its basic cable channels that include CNN, TNT, Food Network and HGTV. Both bids, however, have been rejected by Warner Bros. Discovery's board, said a source familiar with the matter who was not authorized to comment. Cable giant Comcast, which owns NBCUniversal, also is said to be circling.

Warner Bros. Discovery stock soared nearly 11% on Tuesday to $20.33 a share, valuing the company at $50 billion. That's the highest level since Discovery swallowed the larger WarnerMedia in April 2022.

The company did not disclose the other entities that have expressed interest in buying the company as a whole, or its stable of assets, including premium cable channel HBO, the HBO Max streaming service and the legendary Warner Bros. film and television studio and its campus in Burbank.

“It’s no surprise that the significant value of our portfolio is receiving increased recognition by others in the market,” Chief Executive David Zaslav said in a statement announcing the strategic review.