Warner Bros Discovery Inc (NASDAQ:WBD) shares are trading higher on Friday after the company initiated a strategic review to maximize shareholder value, with The Wall Street Journal reporting that Paramount Skydance Corp (NASDAQ:PSKY), Comcast Corp (NASDAQ:CMCSA) and Netflix Inc (NASDAQ:NFLX) are preparing bids.
What Happened: The strategic review was initiated by Warner Bros’ board of directors following the interest of multiple parties’ unsolicited interest, according to the Wall Street Journal. The company is considering a wide range of options, such as a deal for the entire business and separate agreements for its Global Networks business, which includes cable holdings like CNN, TNT and Discovery Channel, or its Streaming & Studios business.
