Overview

• Warner Bros. Discovery announced on June 9 plans to split into two publicly traded companies by mid-2026, pending board approval and a tax ruling.
• Streaming & Studios will house Warner Bros. film and TV production, DC Studios, HBO and HBO Max under CEO David Zaslav.
• Global Networks will include cable channels such as CNN, TNT, TBS and Discovery+ with responsibility for the majority of the company’s $34 billion net debt.
• The move responds to declining cable revenues by isolating growth assets in streaming from legacy linear networks.
• Warner Bros. Discovery shares jumped over 7% following the announcement as investors welcomed the strategic refocus.