Warner Brothers Discovery, the US media conglomerate that owns HBO, CNN and other networks, said it was considering a sale after “multiple parties” made unsolicited offers to buy the company.
CEO David Zaslav said the board will review its options in light of the proposals as it seeks to determine “the best path… to unlock the full value of our assets.”
Shares jumped about 11% following the announcement, setting the stage for a potential bidding war for the company.
Players such as David Ellison's Paramount Skydance are among the firms reportedly interested in an acquisition.
On Tuesday, Warner Brothers rejected an offer from Paramount that would have valued the company at nearly $24 a share, Reuters reported, citing a source familiar with the matter.
The company told the BBC it does not comment on official proposals.
At the close of the New York stock market, its shares were trading at about $20.
The media industry is rapidly consolidating, responding to pressure from the rise of streaming and declining audiences for traditional pay TV and advertising.
Warner Brothers Discovery itself is the result of a merger completed just three years ago that brought Warner Media, formerly part of AT&T, with Discovery, owner of networks like the Food Network and HGTV.
However, the deal left the company with a heavy debt load. He also suffers losses.
Earlier this year Mr Zaslav said he was preparing the collapse of the businesswhich will separate streaming operations from traditional cable networks.
Analysts say the company's deep library, which includes franchises such as “Harry Potter,” “Lord of the Rings” and “Looney Tunes,” makes it attractive to firms looking to bolster their online streaming catalogs.
However, the appeal of cable networks is less obvious.
Warner Brothers Discovery Chairman Samuel DiPiazza said the company still believes in the merits of its divestiture plan but will now consider other options, including selling all or parts of the business.
The company said it had no set timeline for completing the review, and the unsolicited proposals applied to both the entire company and Warner Brothers itself.
Paramount's reported interest from Skydance just weeks after completing its own merger has drawn particular attention, signaling the ambitions of boss David Ellison, son of Oracle boss Larry Ellison.
A potential sale could face government competition and antitrust implications.
Analysts believed Paramount's proposal stood a good chance of government approval, citing the Trump administration's relatively hands-off approach to mergers.
They also highlighted the Ellison family's apparent close ties to President Donald Trump, noting that his administration has blessed deals involving their companies, including Skydance's takeover of Paramount.
“They were on Trump's side to get the Paramount deal closed, so there's still some of that goodwill they could use,” Brent Penter, an associate analyst at Raymond James, said shortly after Ellison's interest was reported. As for other potential buyers, he added: “Not everyone has such good will.”