Warner Bros. Discovery puts itself up for sale

Warner Bros. Discovery, the owner of HBO, CNN and other streaming and studio businesses, said Tuesday it is putting itself up for sale

Warner Bros. Discovery, the owner of HBO, CNN and other streaming and studio businesses, said Tuesday it is putting itself up for sale.

In a press release, the company announced "a review of strategic alternatives to maximize shareholder value," which is Wall Street speak for a sale. Warner Bros. Discovery (WBD) said it had recently received "unsolicited interest" from "multiple parties for both the entire company and Warner Bros." alone.

WBD houses a variety of media businesses, from cable networks and news outlets to popular franchises, movie studios and streaming platforms. The company also holds the rights to broadcast a range of sports internationally, from the Olympics and the French Open in Europe to the Premier League in the U.K.

The company said that while it shops itself around, it will continue to work on the previously announced split of its cable networks from its streaming and studio businesses.

Warner Bros. Discovery shares surged on the news, rising more than 10%.