Warner Bros Discovery, Inc. ( WBD ) shares are trading higher Tuesday after the company announced it is reviewing potential strategic alternatives following unsolicited interest from multiple parties.

What To Know: The company said its board of directors has initiated a review of strategic options to maximize shareholder value while it continues to advance its previously announced separation into two distinct media companies, Warner Bros. and Discovery Global.

The review will include a range of possibilities such as completing the planned separation by mid-2026, selling or merging the entire company, or pursuing separate deals for its Warner Bros. and/or Discovery Global businesses. The company will also consider an alternative structure involving a merger of Warner Bros. and a spin-off of Discovery Global to shareholders.

"We continue to make important strides to position our business to succeed in today's evolving media landscape," said David Zaslav, President and CEO of Warner Bros. Discovery ( WBD ). "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."

Chair of the board Samuel A. Di Piazza Jr. added, "Our decision to initiate this review underscores the Board's commitment to considering all opportunities to determine the best value for our shareholders."

The company noted there is no deadline or definitive timetable for completion of the review and does not intend to provide further updates unless a specific transaction is approved.

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WBD Price Action: At the time of writing, Warner Bros stock is trading 11.14% higher at $20.36, according to data from Benzinga Pro.

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