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The entertainment giant behind CNN, HBO, TBS, and TNT announced the split in a news release on Monday, June 9. Warner Bros. Discovery will separate into two companies, Streaming & Studios and Global Networks, through a tax-free transaction.
CEO David Zaslav will lead the Streaming & Studios company. Chief financial officer Gunnar Wiedenfels will become CEO of Global Networks.
Executives said the move will give each business the focus and flexibility needed to compete in the digital era.
"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," Zaslav said. "It's a treasured legacy we will proudly continue in this next chapter of our celebrated history. 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."
Streaming & Studios will include Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, Max, and Warner Bros. Games. Max will soon return to its original HBO Max branding, the company previously announced.
Global Networks will house CNN, TNT Sports, and Discovery, along with the digital platforms Discovery+ and Bleacher Report.
"This separation will invigorate each company by enabling them to leverage their strengths and specific financial profiles," said Wiedenfels. "This will also allow each company to pursue important investment opportunities and drive shareholder value. 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 maximizing our network assets and driving free cash flow."
WBD's stock opened up about 9% when trading began on Wall Street on June 9.
The split follows months of speculation after Warner Bros. Discovery announced major restructuring efforts in December 2024, CNBC reported. The move was seen by many as a precursor to a full breakup.
The separation also mirrors a broader trend in the media industry. Comcast is in the process of spinning off its cable networks, including CNBC, E!, MSNBC, and USA Network, into a standalone company called Versant.
The Warner Bros. Discovery split is expected to be finalized by mid-2026.
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