With access to Washington and deep pockets, David Ellison's Paramount Skydance is the top contender to buy Warner Bros Discovery.

Warner Bros. Discovery has launched a formal auction of the media giant, with bankers at JPMorgan and Allen & Co. combing through expressions of interest from multiple suitors – including one

Warner Bros. Discovery — the home of HBO, CNN and DC Studios — has signaled that it may be open to selling all or parts of its business, just months after announcing plans to split into two companies.

Apple is reportedly one of several companies thinking about acquiring the Warner Bros. content library as WBD puts itself up for sale.

A letter from Paramount’s chief executive, David Ellison, to Warner Bros.’ board of directors reveals weeks of talks between the companies.

Warner Bros. Discovery is itself a product of a 2022 acquisition, pairing the legendary Warner Bros.’s content library and associated movie and television businesses (including prestige TV streamer HBO Max and cable news channel CNN) with Discovery’s popular reality TV offerings.

Warner Bros. Discovery (WBD) is attracting multiple suitors, including Comcast, Netflix, Apple, Amazon, and Paramount Skydance, amid strategic review and potential separation plans. WBD's stock reflects investor skepticism, balancing hopes of a bidding war-fueled upside with fears of a deal collapse and price drop.