In Warner Bros. Discovery ’s first public outing since Paramount started lobbing offers as the company pursues both a sale and a separation of it businesses , CEO David Zaslav told analysts, “It’s fair to say that we have an active process underway.”

“We’re on track to create two strong, well capitalized businesses that can each create significant long term shareholder value. The team is hard at work, both on the separation transaction, and on following the board’s direction to evaluate strategic alternatives. You’ve all seen media reports as to potential interested parties, and I won’t comment on anything specific,” he said on a call with analysts after quarterly earnings .

A split, planned for a year, would create two public companies, Warner Bros. (studios and streaming) and Dis

See Full Page