When David Zaslav took the reins of the merged Warner Bros. and Discovery in 2022, he quickly became a target of online ire. His hard-nosed decisions — from abruptly shelving finished films like Batgirl to moves that threatened the operations of Cartoon Network — alienated many creators and audiences alike. Fans protested, media pundits complained, and HBO Max even went through a pair of rebrands that became a running joke.
Now, three years on, Zaslav appears to be preparing another major maneuver that may read as promising on paper but carries plenty of uncertainty. On Tuesday morning the CEO announced that the Warner Bros. side of the company is being shopped, a move framed as an effort to ignite competitive bids. The announcement follows Zaslav’s earlier plan to split Warner Bros. Discovery into two separate entities, and it raises the possibility that parts of the business could change hands entirely.
The board has launched a review of “strategic alternatives,” corporate jargon for weighing whether to remain intact or to sell assets. That review runs alongside the existing plan to separate Warner Bros. and Discovery Global into independent companies by mid-2026 — a restructuring Zaslav says will create leaner, more profitable businesses. Depending on how talks evolve, one or both halves could ultimately be sold.
In the proposed new arrangement, creative and streaming operations beloved by readers — DC Studios, HBO, HBO Max, Adult Swim, Cartoon Network, and Warner Bros. Games — would fall under a Warner Bros. banner. Discovery Global would house lifestyle and news properties, including CNN, Discovery Channel, and TNT Sports. Still, Tuesday’s disclosure noted that the company has received unsolicited interest for both the whole enterprise and the Warner Bros. division specifically, putting those franchises squarely “on the block.”
Shortly after acquiring Paramount earlier this year, investor David Ellison reportedly expressed interest in buying Warner Bros. Discovery and offered a $20-per-share bid that insiders say was rebuffed. Whether Ellison or another suitor ultimately prevails, a takeover of Warner Bros. would rank among the largest media shake-ups since Disney’s purchase of 20th Century Fox.
Zaslav’s team emphasized there is no set timetable for any sale and no certainty that a transaction will occur beyond the planned separation. To onlookers who have long criticized his tenure, his apparent willingness to divest may look like a vindication — but for fans of Adventure Time, Rick and Morty, HBO’s prestige slate, or long-running DC franchises, it signals fresh instability for brands already in flux.
A new owner could bring clarity and renewed focus; there are talented creators and executives within the organization. Yet consolidation carries real risks for workers and for creative diversity. Observers have warned of potential job losses and creative contraction should major mergers proceed. Jobs could be cut, and creative output may suffer. Ultimately, this process is driven by value for shareholders rather than sentiment about a storied movie studio.
“Our decision to initiate this review underscores the Board’s commitment to considering all opportunities to determine the best value for our shareholders,” said Samuel A. Di Piazza, Jr., chair of Warner Bros. Discovery’s board. “We continue to believe that our planned separation to create two distinct, leading media companies will create compelling value. That said, we determined taking these actions to broaden our scope is in the best interest of shareholders.”
Source: Polygon
