Warner Bros. Discovery announced on Monday that it will separate into two publicly traded companies by the middle of next year. The media giant says the move is designed to give each of its major business arms more focus and flexibility as the entertainment industry continues to shift rapidly.
The company will split its operations into two segments: one focused on streaming and content production, and another on global networks and traditional cable channels. The decision comes as major media companies work to keep up with the challenges and opportunities posed by streaming, digital content, and evolving consumer habits.
The new Streaming & Studios company will house some of Warner Bros. Discovery’s most recognizable brands and content creators. This includes Warner Bros. Television, the Warner Bros. Motion Picture Group, DC Studios, HBO, and the HBO Max streaming platform. The company also said that its extensive film and TV libraries would be part of this group, signaling a continued focus on original programming and franchise development.
The second entity, Global Networks, will focus on cable, sports, and digital media. This company will include CNN, TNT Sports in the U.S., and the Discovery brand, which operates a number of free-to-air channels across Europe. Digital products such as the Discovery+ streaming platform and Bleacher Report will also fall under the Global Networks umbrella.
🎬Warner Bros Discovery will split into two public companies, separating its studios and streaming services from declining cable TV networks. The move marks a major shift in media strategy amid the industry’s retreat from decades of consolidation. #WarnerBros #StreamingWars… pic.twitter.com/ljchSdFhOZ
— News.Az (@news_az) June 9, 2025
David Zaslav, the current CEO of Warner Bros. Discovery, will lead the Streaming & Studios company. Gunnar Wiedenfels, the company’s chief financial officer, will transition to lead Global Networks. Both executives will stay in their existing roles until the separation is finalized.
In a statement, Zaslav said the move is aimed at helping both companies better respond to industry changes. “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,” he said.
Investors reacted positively to the announcement. Shares of Warner Bros. Discovery rose by more than 9% before the market opened on Monday. Analysts noted that the split may make each part of the company more attractive to investors by allowing them to focus on specific business areas, whether it’s high-growth streaming or more stable cable and news operations.
The planned separation still requires approval from the Warner Bros. Discovery board of directors. The company expects the transaction to be completed by mid-2026, pending regulatory and shareholder review.
Warner Bros. Discovery has undergone major transformations in recent years, including the 2022 merger of WarnerMedia and Discovery Inc. That deal brought together some of the most well-known names in film, television, and nonfiction programming. With this latest announcement, the company is taking another major step in reorganizing its structure to better align with current market demands.
More updates are expected in the coming months as the company works through the details of the separation process. For now, Warner Bros. Discovery is moving forward with its plans to become two specialized companies, each with its own leadership, focus, and strategic direction.
