Warner Bros. Discovery — the home of HBO, CNN and DC Studios — has signaled that it may be open to selling all or parts of its business, just months after announcing plans to split into two companies.

Warner Bros. Discovery is itself a product of a 2022 acquisition, pairing the legendary Warner Bros.’s content library and associated movie and television businesses (including prestige TV streamer HBO Max and cable news channel CNN) with Discovery’s popular reality TV offerings.

A letter from Paramount’s chief executive, David Ellison, to Warner Bros.’ board of directors reveals weeks of talks between the companies.

Warner Bros. Discovery is reportedly set to ask potential bidders to sign nondisclosure agreements in the near future.

David Ellison's Paramount Skydance is seen as the top contender to buy Warner Bros Discovery, with analysts and experts saying the tech scion's access to deep pockets and Washington ties give him an edge in what could be the media industry's biggest merger in years.