Warner Brothers Discovery, the US media conglomerate that owns HBO, CNN and other networks, has said it is considering a sale, after "multiple parties" had made unsolicited offers to buy the company.
Chief executive David Zaslav said the board would review its options in light of the bids, as it looks to identify the "best path ... to unlock the full value of our assets".
Shares jumped more than 8% after the announcement, which sets the stage for a potential bidding war over the firm.
Players such as David Ellison's Paramount Skydance are among the firms reported to be interested in an acquisition.
The media industry has been rapidly consolidating, as it responds to pressures from the rise of streaming and decline in traditional pay TV audiences and advertising.
