Warner Bros Discovery has officially announced it is to separate its TV networks and streaming and studios businesses.
The Streaming & Studios company will consist of Warner Bros Television, Warner Bros Motion Picture Group, DC Studios, HBO, and HBO Max, as well as the company’s film and television libraries.
Global Networks will include WBD’s entertainment, sports and news television brands around the world, including CNN, TNT Sports in the United States, and Discovery, top free-to-air channels across Europe, and digital products such as Discovery+.
The company said it intends to split into two in order to “unlock value for shareholders as well as create opportunities for both new businesses”.
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 be 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 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.”
“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,” added 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 maximising our network assets and driving free cash flow.”
The companies plan to implement arm’s length transition services and commercial agreements post-separation to facilitate the transition and maintain continued operational efficiencies, said WBD’s official statement.
The separation is expected to be completed by mid-2026, subject to closing and other conditions.
