Another option could see Warner Bros Discovery selling its stake to Liberty Global, which would help cut its $49 billion debt.

Discovery created the All3Media joint venture in 2014 with Liberty Global for its content and production capabilities. It is now somewhat surplus to requirements following Discovery’s merger with WarnerMedia, which already has a significant movie and television library and production resources.

All3Media is currently run by Jane Turton. In 2021 the group’s amounted to £866.6 million. Recent hit titles have included reality game show The Traitors and true crime documentary The Tinder Swindler.