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2d ago

Warner Bros. Discovery to Split Into Streaming & Studios and Global Networks by Mid-2026

The move will sharpen strategic focus to free financial resources by separating high-growth streaming operations from debt-laden cable networks.

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Overview

  • The separation will be structured as a tax-free transaction under which David Zaslav will lead the Streaming & Studios unit and Gunnar Wiedenfels will head Global Networks.
  • Streaming & Studios will consolidate HBO, Max, Warner Bros. Pictures, Warner Bros. Television and DC Studios into a unified streaming and production arm.
  • Global Networks will house CNN, TNT, TBS, Turner Classic Movies, Discovery channels, Discovery+ and Bleacher Report while inheriting about $34 billion of net debt.
  • Global Networks will retain up to a 20% stake in Streaming & Studios and could pursue mergers or partnerships, including a potential tie-up with Comcast’s Versant, immediately after the split.
  • In preparation for the mid-2026 separation, Warner Bros. Discovery has launched tender offers and secured a $17.5 billion bridge loan to refinance existing debt.