Warner Bros. Discovery boss David Zaslav. (Photo by Rodin Eckenroth/WireImage)
On Tuesday morning, just after 9 a.m. ET, Warner Bros. Discovery jolted the industry with a press release formally announcing that it was putting itself up for sale. The David Zaslav–led conglomerate, which is being aggressively pursued by David Ellison in the wake of his Paramount purchase, said 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 news sent WBD’s shares soaring more than 10%, climbing above the $20 mark for the first time since Discovery and WarnerMedia merged to form the entertainment giant.
“It’s no surprise that the significant value of our portfolio is receiving increased recognition by others in the market,” Zaslav said in the release. “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.”
But while Zaslav is working overtime to project momentum and prompt a bidding war, it’s questionable whether there really is a serious, more attractive bid in the wings than Ellison’s roughly $24-a-share offer. In fact…
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