Warner Bros. Discovery’s CEO David Zaslav says there’s an “active process underway” amid M&A talks for the company—and that is a major understatement.

Since WBD’s recent decision to effectively hang a “for-sale” sign on its assets, Comcast has hired bankers to explore a bid, Netflix has reportedly seen the financials, and Paramount continues to circle in its bid to take over the entire company.

Meanwhile, the company has acknowledged that its board is evaluating “a broad range of strategic options,” including WBD’s planned separation of studios and cable networks for 2026, a potential transaction for the entire company, and a potential transaction for separate parts of Warner Bros. and/or Discovery Global.

For now, WBD’s future remains unclear, and the entire media ecosystem may hang in the balance. In our latest episode of Adspeak, ADWEEK editors Lauren Johnson and Bill Bradley unpack the media giant’s move and why Paramount may be the big winner.