Overview

• WBD will form two public companies: Streaming & Studios under David Zaslav and Global Networks under Gunnar Wiedenfels.
• Streaming & Studios will encompass Warner Bros. Television, Motion Picture Group, DC Studios, HBO and HBO Max.
• Global Networks will include CNN, TNT Sports, Discovery+ and cable channels such as TNT and TBS.
• The networks spin-off will assume the bulk of WBD’s roughly $37 billion debt and hold up to a 20% stake in the streaming entity.
• The tax-free separation, slated for mid-2026, sets the stage for independent growth and potential mergers, including alignment with Comcast’s upcoming Versant spin-off.