The deal has the potential to reshape Hollywood and the wider media universe, if it can pass significant regulatory hurdles.

Warner Bros. Discovery has been telling investors it wants to split the company in two — and just produced some evidence that such a deal is necessary. The owner of CNN, HBO and the Warner Bros.

Even in an industry increasingly accustomed to head-snapping change, this has been quite a week. After Paramount Skydance made the third in an escalating series of acquisition offers for Warner Bros.

Warner Bros. Discovery has officially put itself up for sale. The entertainment conglomerate owns a host of well-known brands including CNN, HBO, DC Studios and the flagship Warner Bros. movie studio.

Paramount, Comcast and Netflix are preparing bids to buy all or part of Warner Bros. Discovery, a crown jewel of the industry. By Benjamin Mullin Lauren Hirsch and Nicole Sperling Warner Bros.