Warner Bros. Discovery announced on Tuesday that it has begun a formal review of “strategic alternatives” after receiving unsolicited interest from multiple parties regarding a possible sale.

The company’s announcement did not specify the sources of this interest.

Driving the news: This review was prompted amid increasing market speculation and reports of a potential bidding war for Warner Bros., including interest from notable industry players. • The Wall Street Journal reported that Paramount, backed by Skydance, approached Warner Bros. in late September with a majority-cash offer which was rejected by Warner Bros. CEO David Zaslav. • Paramount CEO David Ellison reportedly considered escalating efforts by directly reaching out to shareholders, signaling a possible aggressive acquis

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