Warner Bros. Discovery is officially splitting into two separate companies.
Warner Bros. Discovery, under David Zaslav’s leadership, had previously signaled its intentions through an internal restructuring that grouped its businesses into Streaming & Studios and Global Networks. The company is now moving forward with a formal split, mirroring Comcast’s strategy with NBCUniversal, in a significant restructuring of the US media language.
Following the split, David Zaslav will lead the Streaming & Studios division, while CFO Gunnar Wiedenfels will become President and CEO of Global Networks. Both will maintain their current roles at Warner Bros. Discovery until the separation is completed, anticipated in 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,” said Zaslav in a statement.. “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.”
The Streaming & Studios division, led by Zaslav, will comprise Warner Bros Television, Warner Bros Motion Picture Group, DC Studios, HBO, HBO Max, and their film and TV libraries. Meanwhile, Global Networks will encompass top entertainment, sports, and news brands, including CNN, TNT Sports, Discovery channels, and digital assets like Discovery+ and Bleacher Report.
Legacy media companies are adapting to the streaming revolution and linear TV’s rapid decline, which has impacted investor confidence and stock prices. Comcast aims to complete its cable spinoff, Versant, by late 2025. These splits may pave the way for media consolidation, with cable networks potentially merging or being acquired by private equity firms to manage their decline.
Legacy media companies have been making similar restructuring moves, with Lionsgate’s recent split from Starz being a notable example.
“The separation will enable each company to capitalize on their strengths, pursue strategic investments, and drive shareholder value,” said Wiedenfels. “Global Networks will focus on innovative distribution partnerships, maximizing network assets, and driving free cash flow.”
Di Piazza added, “The Board believes this transaction unlocks the full value of our assets, enhancing shareholder value. This decision reflects our ongoing efforts to evaluate opportunities that benefit WBD shareholders.
However, the split is expected to benefit WBD by unlocking shareholder value and enabling both businesses to thrive allowing them to move faster, build strong management teams, and pursue strategic opportunities tailored to their specific goals and profiles, ultimately attracting investors aligned with their growth prospects.
“Warner Bros. Discovery expects the split to be tax-free for US federal income tax purposes. The companies will establish transition services and commercial agreements to ensure a smooth separation and maintain operational efficiency.”
