Warner Bros. Discovery, the media giant behind HBO, CNN, and other prominent networks, has announced it is evaluating a potential sale following unsolicited acquisition offers from multiple parties. CEO David Zaslav revealed that the company’s board is assessing its options to determine the best strategy to maximize the value of its assets. The announcement triggered an 8% surge in the company’s stock, fueling speculation of a bidding war. Among the interested parties is Paramount Skydance, led by David Ellison, son of Oracle founder Larry Ellison. The media industry has been undergoing rapid consolidation as it grapples with the rise of streaming services and the decline of traditional pay TV and advertising revenues. Warner Bros. Discovery itself emerged from the merger of Warner Media and Discovery just three years ago, but the company has since struggled with significant debt and financial losses. Earlier this year, Zaslav proposed splitting the company’s streaming operations from its traditional cable networks. Analysts note that the company’s extensive content library, featuring franchises like Harry Potter, Lord of the Rings, and Looney Tunes, makes it an attractive target for firms seeking to expand their streaming portfolios. However, the appeal of its cable networks remains uncertain. Board Chairman Samuel DiPiazza reiterated the company’s commitment to its strategic plan but acknowledged that all options, including a full or partial sale, are under review. The timeline for this review remains unspecified. Paramount Skydance’s interest, coming shortly after its own merger, has drawn particular attention, reflecting David Ellison’s ambitious vision. A potential sale could face regulatory scrutiny over competition and antitrust concerns, though analysts believe the Ellison family’s favorable relationship with former President Donald Trump could ease approval processes. Brent Penter of Raymond James noted that the Ellisons’ goodwill with the Trump administration, which previously approved their Paramount deal, could prove advantageous in this scenario.