BREAKING: Warner Bros. Discovery says it’s open to a sale; shares jump.

No details yet… developing…

UPDATE: Details coming in.

Netflix and Comcast are among the interested parties, sources told CNBC’s David Faber.

WBD decided to publicly announce it has had interest from multiple parties after rejecting several different bids from Paramount and an offer from another company that was higher than Paramount’s, according to a person familiar with the matter. The WBD board believed Paramount may go public with its bid, which one source described as “higher than what’s been in the press” but below $30 a share, according to the person.

For any buyer that just wants WBD’s studio and streaming assets, acquiring them after a split later this year is better for tax purposes.

Paramount declined to comment.

WBD has faced mounting financial challenges since the 2022 merger of WarnerMedia and Discovery Inc., which saddled the company with over $40 billion in debt. It has since undertaken aggressive cost-cutting, restructured its content pipeline and focused on profitable franchises like “Harry Potter” and “Game of Thrones” spinoffs.

What Hollywood really needs is reinvention, not just shuffling existing properties around between existing giant players.