Warner Bros. Discovery has moved from industry chatter to an active strategic review after receiving unsolicited acquisition interest from several parties, signaling that a sale of all—or parts—of the company is on the table. 

Regional coverage notes the board is considering a wide range of outcomes, including selling divisions separately or pursuing a full-company deal. That scenario would place WBD’s gaming arm—home to Rocksteady, NetherRealm, and Avalanche Software, alongside franchises like Mortal Kombat, Harry Potter, and DC—squarely in acquisition conversations. 

Major outlets report that multiple bidders have already shown interest. Reuters adds that an earlier Paramount/Skydance offer was rejected as too low, while other potential suitors mentioned across the trade press include Comcast and Netflix. The company, however, stresses that the review is early-stage with no guarantees. 

The timing follows months of balance-sheet moves and portfolio reshaping at WBD, and any large transaction would face antitrust scrutiny in the U.S. Still, investors reacted positively, and analysts suggest a breakup or premium buyout could unlock value from streaming, studio, and cable assets. 

Bottom line: WBD is formally exploring its options, and the games business could change hands if a partial sale proceeds. Until an official decision is announced, expect rumors to intensify as bidders assess assets and regulators weigh in.