09:22 AM EDT, 10/21/2025 (MT Newswires) -- Warner Bros. Discovery ( WBD ) said Tuesday its board has initiated a review of strategic alternatives, amid the unsolicited interest it received from multiple parties for both the entire company and Warner Bros.

The company's board will evaluate options, which include continuing its planned separation for completion by mid-2026, a transaction for the whole company, or separate transactions for its Warner Bros. and Discovery Global businesses, the company said.

Warner Bros. Discovery ( WBD ) said it is also considering an alternative separation structure that would enable a merger of Warner Bros. and spin-off of Discovery Global.

The company added that there is no deadline or definitive timetable set for completion of the strategic alternatives review process.

Shares of the company were up over 7% in recent Tuesday premarket activity.