Photo Credit: DC Studios
Warner Bros. Discovery, the company that owns DC Studios, is for sale.

Earlier this month, it was reported that Paramount’s David Ellison made a $20-per-share bid for Warner Bros. The studio ultimately dismissed the bid; however, the company now seems to be entertaining more offers similar to the one made by Paramount.

The Warner Bros. Discovery board of directors has “initiated a review of strategic alternatives to maximize shareholder value,” which, according to The Hollywood Reporter, is “the first acknowledgement of a (metaphorical) ‘For Sale’ sign hanging from the iconic WB water tower.”

Who is interested in buying Warner Bros. Discovery and DC Studios?

The board of directors further said it has received “unsolicited interest” from “multiple parties.” Two of these parties appear to be Comcast and Netflix, though any potential deal that could emerge is far from being set in stone.

The Hollywood Reporter’s article further notes that a potential deal could look one of several different ways.

“‘Strategic options’ include continuing with the previously announced split and spin, a la NBCUniversal and Versant, a ‘transaction for the entire company’ or ‘separate transactions for its Warner Bros. and/or Discovery Global businesses.’ There is even the potential for ‘an alternative separation structure that would enable a merger of Warner Bros. and spin-off of Discovery Global to our shareholders.’ Basically, it’s all on the table.”

Warner Bros. Discovery CEO David Zaslav said in a statement, “We continue to make important strides to position our business to succeed in today’s evolving media landscape by advancing our strategic initiatives, returning our studios to industry leadership, and scaling HBO Max globally. 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. 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.”

There is no deadline for the aforementioned “comprehensive review” period, meaning it’s unclear how long it will take for Zaslav’s company to identify “the past path forward.”