Warner Bros. Discovery (WBD), owner of HBO, CNN, and other media assets, announced Tuesday that it is exploring a sale after receiving unsolicited interest from multiple parties.

The company, valued at over $45 billion, said it will continue pursuing its planned split of cable networks from streaming and studio businesses while reviewing strategic alternatives.

WBD’s studio and franchise assets, including Harry Potter and DC Comics properties, could attract other studios, tech companies, or streaming platforms, though the company maintains a high bar for any deal, NBC News has reported.

The move reflects broader media industry consolidation trends, as companies adjust to declining cable viewership and rising competition from streaming services.