Warner Bros. Discovery puts itself up for sale

Warner Bros. Discovery, the owner of HBO, CNN, and other cable networks, said on Tuesday that it is putting itself up for sale.

In a press release, the company announced a “review of potential alternatives,” Wall Street speak for a sale. WBD said it had recently received “unsolicited interest” from “multiple parties for both the entire company and Warner Bros.”

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 business.

Any deal for part of all of the company would be a sizable one. As of Monday’s close of trading, Warner Bros. Discovery had a market value of more than $45 billion. It also carries billions of dollars of debt on its balance sheet.

In September, Paramount Global was preparing a bid for all of WBD, however it appeared to stall in recent weeks.