Overview

• Warner Bros. Discovery will separate into two publicly traded companies, one housing HBO Max, Warner Bros. studios and DC content and the other overseeing CNN, TNT Sports, Discovery and related TV brands.
• David Zaslav will become CEO of the new Streaming & Studios company while CFO Gunnar Wiedenfels will lead the Global Networks division.
• The separation will be structured as a tax-free transaction and is slated to conclude by mid-2026, following board and regulatory approvals.
• The company launched tender offers to restructure existing debt and arranged a $17.5 billion bridge loan underwritten by JP Morgan to backstop the split.
• Shares of Warner Bros. Discovery jumped nearly 9% in premarket trading as investors responded to the clearer strategic focus and debt refinancing plan.