Overview

• Streaming & Studios, led by David Zaslav, will encompass Warner Bros. Television, Motion Picture Group, DC Studios, HBO, HBO Max and their film and TV libraries.
• Global Networks, headed by Gunnar Wiedenfels, will include CNN, TNT Sports, Discovery channels and digital brands such as Discovery+ and Bleacher Report.
• The separation is structured as a tax-free transaction for U.S. federal income tax purposes and is expected to close by mid-2026, subject to board approvals and IRS clearance.
• Warner Bros. Discovery secured a $17.5 billion bridge facility from JP Morgan to refinance debt ahead of the spinoff, with Global Networks retaining up to a 20 percent stake in Streaming & Studios.
• Shares rallied nearly 9 percent in premarket trading on the announcement, reflecting investor optimism about the focused two-company strategy.