Warner Bros Discovery WBD.O is considering a possible outright sale of itself due to interest from several potential buyers, even as it moves forward with its previously announced split into two companies, it said Tuesday.

Shares of the company rose about 8% in premarket trading.

There is no deadline or definitive timetable set for completion of the strategic alternatives review process, the company said.

Media reports indicate that Paramount Skydance CEO David Ellison is in talks to acquire the combined company before its planned separation into Warner Bros and Discovery Global.

Streaming has fundamentally reshaped the media industry, leaving traditional broadcasters with mounting debt, higher content budgets and fragmented viewership.

The decline of legacy media, driven by linear TV cord-cutting, as well as the shift of audiences and advertisers to streaming platforms, has forced traditional media companies to rethink their business structures.

Warner Bros Discovery — home to CNN, HBO Max and the "Harry Potter" franchise — has been trimming jobs and plans to split its cable and streaming units by next year to unlock asset value.