Warner Bros. Discovery has initiated a review of strategic alternatives following unsolicited interest from multiple parties for both the entire company and its Warner Bros. division. The company continues to move forward with its previously announced plan to separate Warner Bros. and Discovery Global into two distinct media companies, with completion targeted by mid-2026. As part of the review, the board will consider a variety of options, including transactions involving the whole company or either business segment individually, as well as alternative separation structures that could allow for a merger of Warner Bros. and a spin-off of Discovery Global. There is no definitive timetable for the completion of this review, and no assurance that it will result in any transaction.