When Warner Bros. Discovery announced that it was open to the possibility of a sale, the entertainment giant was careful to mention that it has already received multiple unsolicited offers "for both the entire company and Warner Bros." We knew about WBD's plan to split back into two corporate entities, and that the company had just refused a lowball acquisition proposal from David Ellison's newly merged Paramount Skydance. But what was new and very telling was CEO David Zaslav's humblebragging about WBD's portfolio "receiving increased recognition by others in the market."

As WBD's head, who has somehow managed to keep his position during a …

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