Sounds like Warner Bros. Discovery may be for sale after all.

Amid swirling reports of bidding interest by Paramount Global, the WBD board of directors says is it has initiated a review of strategic alternatives to maximize shareholder value.

The board said it has received unsolicited interest from multiple parties.

Strategic options include continuing with the previously announced split and spin, a la NBCUniversal and Versant, a transaction for the entire company or separate transactions for its Warner Bros. and/or Discovery Globalbusinesses. Theres even the potential for an alternative separation structure that would enable a merger of Warner Bros. and spin-off of Discovery Global to our shareholders. We continue to make important strides to position our business to succeed in todays evolving media landscape by advancing our strategic initiatives, returning our studios to industry leadership, and scaling HBO Max globally. We took the bold step of preparing to separate the Company into two distinct, leading media companies, Warner Bros. and Discovery Global, because we strongly believed this was the best path forward, said David Zaslav, President and CEO of Warner Bros. Discovery.

Zaslav added, Its no surprise that the significant value of our portfolio is receiving increased recognition by others in the market. After receiving interest from multiple parties, we have initiated a comprehensive review of strategic alternatives to identify the best path forward to unlock the full value of our assets.

Our decision to initiate this review underscores the Boards commitment to considering all opportunities to determine the best value for our shareholders, added Samuel A. Di Piazza, Jr., Chair of the Warner Bros. Discovery Board of Directors. We continue to believe that our planned separation to create two distinct, leading media companies will create compelling value. That said, we determined taking these actions to broaden our scope is in the best interest of shareholders.

More to come.