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(Sharecast News) - Shares in Warner Bros Discovery soared on Tuesday, after the US entertainment giant said it exploring a possible sale.
The New York company is already planning to split into two listed businesses, with one focused on movies and streaming and the other a global networks company.
As well as producing and making films through the Warner Bros studio, WBD owns streaming service HBO Max and numerous cable networks including CNN.
The split is expected to completed in mid 2026.
However, on Tuesday WBD said it was expanding its strategic review to include a potential sale as well as the split, having received unsolicited interest from "multiple" parties.
David Zaslav, chief executive, said: "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."
But he continued: "It is 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."
As at 1500 BST, the stock had put on 12%.
Possible suitors are likely to include Netflix and Comcast, along with Paramount Skydance. It was reported to have made an initial overture earlier this month, but was rebuffed for being too low.
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