Warner Bros. Discovery is transforming, announcing it will officially split into two independent companies - Streaming & Studios and Global Networks. The move, confirmed Monday, accelerates a restructuring plan hinted at earlier this year and signals a new era for the legacy media giant.
David Zaslav, CEO of Warner Bros. Discovery, will lead the newly formed Streaming & Studios division, which will encompass Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, and HBO Max, along with their respective content libraries. Global Networks will be led by CFO Gunnar Wiedenfels, who will become its president and CEO. This division includes CNN, TNT Sports, Discovery Channel, a suite of top European broadcast networks, Bleacher Report, and the Discovery+ streaming service. Both Zaslav and Wiedenfels will remain in their current positions until the split is finalized, which is expected by mid-2026.
"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 optimized 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 in a statement.
The split aims to allow both entities to pursue distinct growth opportunities, tailored to their strengths and market demands. Zaslav's Streaming & Studios group will focus on premium storytelling and content-driven growth, while Wiedenfels' Global Networks division will prioritize innovation in global distribution and network monetization.
"This separation will invigorate each company by enabling them to leverage their strengths and specific financial profiles," said Wiedenfels. "This will also allow each company to pursue important investment opportunities and drive shareholder value."
The decision, according to Warner Bros. Discovery's board, was made in alignment with its long-term strategy to unlock shareholder value and ensure both companies can respond swiftly to a volatile media market.
"We committed to shareholders to identify the best strategy to realize the full value of our exciting portfolio of assets, and the Board believes this transaction is a great outcome for WBD shareholders," added board chair Samuel A. Di Piazza, Jr. "This announcement reflects the Board's ongoing efforts to evaluate and pursue opportunities that enhance shareholder value."
The company highlighted several benefits of the split, including the ability for each business to attract distinct investor bases, invest more directly in growth initiatives, and form targeted leadership teams with the agility to act independently in the competitive media space. WBD also stated that the separation is intended to be tax-free for U.S. federal income tax purposes. Once the transaction is complete, both companies will implement transition services and commercial agreements to maintain operational efficiency.