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Investing.com -- Warner Bros. Discovery (NASDAQ: WBD) stock surged 10% Tuesday, trading near $20 per share, after the entertainment giant announced it has begun reviewing strategic alternatives following unsolicited interest from multiple parties.
The company’s board will evaluate options including its previously announced plan to separate into two distinct media companies by mid-2026, a transaction for the entire company, or separate transactions for its Warner Bros. and/or Discovery Global businesses.
According to CNBC, Netflix and Comcast are now among the interested parties in Warner Bros. Discovery.
"It’s no surprise that the significant value of our portfolio is receiving increased recognition by others in the market. 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," said David Zaslav, President and CEO of Warner Bros. Discovery.
The company rejected an initial bid from Paramount Skydance Corp (NASDAQ:PSKY) earlier this month, Bloomberg News reported, because the offer of around $20 per share was deemed too low.
While the company continues to believe its planned separation will create "compelling value," the board determined that broadening its options is in shareholders’ best interests.
Warner Bros. Discovery noted there is no timetable for completing the review process and no guarantee that it will result in any transaction beyond the separation already underway.