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3mo ago

Warner Bros. Discovery to Split Into Streaming & Studios and Global Networks

Separating its streaming studios from its cable networks, the company will concentrate debt on its Global Networks unit to fuel growth at its streaming arm.

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Warner Bros Discovery CEO David Zaslav (Chris Smith/TheWrap)

Overview

  • Warner Bros. Discovery announced on June 9 that it will break into two publicly traded companies by mid-2026, formalizing the separation of its streaming and cable operations.
  • Streaming & Studios, under CEO David Zaslav, will house HBO Max, Warner Bros. Motion Picture Group, Warner Bros. Television, DC Studios and their content libraries.
  • Global Networks, led by CFO Gunnar Wiedenfels as CEO, will include CNN, TNT Sports, TBS, Discovery+ and other linear and digital network assets.
  • Approximately $34 billion of the group’s net debt will be assigned to Global Networks, freeing the streaming arm to invest in content production and subscriber growth.
  • WBD shares surged over 7% in early trading as investors welcomed the move to sharpen strategic focus during the industry’s shift from traditional cable to streaming services.