Warner Bros. Discovery is expected to be split into two separate public companies by 2026. This means that its streaming service unit will be separated from its cable operations.
The conglomerate has confirmed that Streaming & Studios will encompass Warner Bros. Motion Picture Group, Warner Bros. Television, HBO, HBO Max, and DC Studios, along with their television and film libraries. In contrast, the Global Networks firm will include Discovery, TNT Sports (U.S.), CNN, Bleacher Report (B/R), Discovery+, and several top free-to-air channels in Europe.
The upcoming split will be a tax-free transaction, aimed at enabling each new company to fully develop its individual strengths and potential. The conglomerate believes that by operating as two separate and optimized entities, these well-known brands will gain the sharper focus and strategic flexibility needed to effectively compete in today’s evolving media environment.
David Zaslav, the current CEO and president of Warner Bros. Discovery, will become the CEO and president of Streaming & Studios. Meanwhile, Gunnar Wiedenfels, the current CFO of WBD, will serve as the CEO and president of Global Networks. Until the separation is complete, both individuals will continue in their current roles at WBD.
Warner Bros. Discovery anticipates the split will be finalised by mid-2026. However, this timeline is contingent on several factors, including final approval from the company’s board, obtaining tax opinions or a private letter ruling from the IRS to confirm the transaction is tax-free for U.S. federal income tax purposes, and general market conditions. Stay tuned for further updates.