Warner Bros. Discovery to split into two separate media companies

Warner Bros. Discovery has announced plans to separate the company, in a tax-free transaction, into two publicly traded companies, enabling each to maximise its potential. 

The Streaming & Studios company will consist of Warner Bros.Television, Warner Bros. Motion Picture Group, DC Studios, HBO, and HBO Max, as well as film and television libraries. Global Networks will include premier entertainment, sports and news television brands around the world including CNN, TNT Sports in the US, and Discovery, top free-to-air channels across Europe, and digital products such as the profitable Discovery+ streaming service and Bleacher Report (B/R).

Warner Bros. Discovery president and CEO David Zaslav will serve as Streaming and Studios president and CEO, while Warner Bros. Discovery CFO Gunnar Wiedenfels will serve as Global Networks president and CEO. Both will continue in their present roles at Warner Bros. Discovery until the separation.

“The cultural significance of this great company and the impactful stories it has brought to life for more than a century have touched countless people all over the world. It’s a treasured legacy we will proudly continue in this next chapter of our celebrated history. By operating as two distinct and optimised companies in the future, we are empowering these iconic brands with the sharper focus and strategic flexibility they need to compete most effectively in today’s evolving media landscape,” said Zaslav. 

“This separation will invigorate each company by enabling them to leverage their strengths and specific financial profiles. This will also allow each company to pursue important investment opportunities and drive shareholder value. At Global Networks, we will focus on further identifying innovative ways to work with distribution partners to create value for both linear and streaming viewers globally while maximising our network assets and driving free cash flow,” shared Wiedenfels.

Warner Bros. Discovery board of directors chair Samuel A. Di Piazza, Jr. commented, “We committed to shareholders to identify the best strategy to realise the full value of our exciting portfolio of assets, and the board believes this transaction is a great outcome for Warner Bros. Discovery shareholders. This announcement reflects the board’s ongoing efforts to evaluate and pursue opportunities that enhance shareholder value.”

The split is anticipated to be finalised by mid-2026, pending closure requirements and necessary approvals, including the final nod from the Warner Bros. Discovery board.