Warner Bros. Discovery Will Split into Two Publicly Traded Companies

Warner Bros. Discovery has announced plans to split into two publicly traded companies through a tax-free transaction, with the goal of unlocking the full value of its diverse portfolio and enhancing operational agility in a rapidly evolving media landscape.

The new Streaming & Studios company will include:

• Warner Bros. Television and Motion Picture Group

• DC Studios

• HBO and HBO Max (including its international sports offering)

• Warner Bros. Games, Retail, Tours, and Experiences

• Production facilities in Burbank (California) and Leavesden (UK)

• One of the most iconic film and television libraries in the world

This division will focus on positioning itself as a global leader in premium storytelling, leveraging best-in-class creative talent, a deep IP catalog, and a growing subscriber base. HBO Max currently operates in 77 markets, with further international launches planned for 2026. The company expects to exceed 150 million subscribers by the end of that year.

The Global Networks company will include:

• CNN

• TNT Sports (U.S.)

• Bleacher Report

• Discovery and Discovery+

• Major free-to-air channels across Europe

• A robust portfolio of digital assets

This group reaches 1.1 billion unique viewers, across 68 languages and 200 countries and territories, and operates with industry-leading margins and strong free cash flow generation. Its strategy includes investing in international expansion, enhancing live sports and news content, and growing digital extensions of core network brands such as Discovery+, Bleacher Report, and CNN’s new streaming service.

David Zaslav will serve as CEO of the new Streaming & Studios company, while Gunnar Wiedenfels, currently CFO of WBD, will lead Global Networks. Both executives will remain in their current roles until the separation is completed, which is expected by mid-2026.

Samuel A. Di Piazza Jr., Chair of the Board, emphasized that the decision reflects the company’s commitment to delivering long-term value for shareholders by enabling each business to pursue distinct strategic and financial goals.

Source: Reuters