Warner Bros. Discovery to Split Into Two Public Companies
Warner Bros. Discovery today announced plans to separate the company into two publicly traded entities through a tax-free transaction. The Streaming & Studios company will comprise Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, and HBO Max, along with their legendary film and television libraries.
Global Networks will encompass entertainment, sports, and news television brands worldwide, including CNN, TNT Sports in the U.S., and Discovery, as well as free-to-air channels across Europe. The portfolio will also feature digital products, including the Discovery+ streaming service and Bleacher Report (B/R).
David Zaslav, President and CEO of Warner Bros. Discovery, will serve as President and CEO of Streaming & Studios. Gunnar Wiedenfels, CFO of Warner Bros. Discovery, will serve as President and CEO of Global Networks. Both will continue in their present roles at WBD 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,” said Zaslav.
“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.”
“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,” said Wiedenfels.
“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 maximizing our network assets and driving free cash flow.”
“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 Samuel A. Di Piazza, Jr., Chair of the Warner Bros. Discovery Board of Directors.
“This announcement reflects the Board’s ongoing efforts to evaluate and pursue opportunities that enhance shareholder value.”
The Streaming & Studios company will be comprised of Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios (upcoming Superman), HBO (upcoming Harry Potter series), and HBO Max (including its international sports offering), Warner Bros. Games, Tours, Retail and Experiences, as well as studio production facilities in Burbank and Leavesden.
The company will focus on continuing to scale HBO Max, which is now in 77 markets with important new market launches planned for 2026.
Global Networks will encompass a global portfolio of entertainment, sports, and news television networks and brands, along with their digital products. Today, these assets reach 1.1 billion unique viewers in 68 languages across 200 countries and territories. The brands will include Discovery+, B/R, and CNN‘s new streaming offering.
The separation is expected to be completed by mid-2026, subject to closing and other conditions, including final approval by the Warner Bros. Discovery Board, receipt of tax opinions and/or a private letter ruling from the Internal Revenue Service with respect to the tax-free nature of the transaction for U.S. federal income tax purposes, and market conditions.
