12:22 PM EDT, 10/21/2025 (MT Newswires) -- Warner Bros. Discovery's ( WBD ) shares surged intraday Tuesday after the media and entertainment giant said it is open to a potential sale as it initiated a review of strategic alternatives after receiving interest from "multiple parties."

The company, which operates the Max streaming service, said its previously-announced plan to split into two publicly-traded companies remains one of the options. After the break-up, the streaming and studios business will be named Warner Bros., while Discovery Global will house its television networks portfolio.

Warner Bros. said that its board will consider completing the planned separation by mid-2026, striking a transaction for the entire company, or reaching individual deals for either or both of the two separated businesses.

"We took the bold step of preparing to separate the company into two distinct, leading media companies, Warner Bros. and Discovery Global, because we strongly believed this was the best path forward," Chief Executive David Zaslav said in a statement. "It's no surprise that the significant value of our portfolio is receiving increased recognition by others in the market."

The company said it had received interest from "multiple parties," but did not identify them. Shares of Warner Bros. were advancing by 11% in Tuesday trade, taking their year-to-date gains to above 90%.

Paramount Skydance ( PSKY ) CEO David Ellison could submit an official merger bid for Warner Bros. in the coming days, the New York Post reported on Oct. 15, citing sources.

Warner Bros. previously rejected an initial offer of $20 per share from Paramount because it was deemed too low, Bloomberg News reporter earlier this month.

Netflix ( NFLX ) and Comcast ( CMCSA ) are among the interested parties, CNBC reported Tuesday, citing unnamed sources.

Paramount, Netflix ( NFLX ) and Comcast ( CMCSA ) didn't reply to MT Newswires' requests for comment.

Warner Bros. has not set any deadline to complete the review process, and said that the outcome of the process cannot be guaranteed.

Price: 20.34, Change: +2.02, Percent Change: +11.00