Warner Bros. Discovery announced on Monday that it plans to split into two separate public companies by next year, marking a significant change as the media industry continues shifting from cable to streaming.
The company will divide into a streaming and studios business, which will include its film properties and the HBO Max streaming service, and a global networks business, which will include CNN, TNT Sports, Discovery, and other assets.
David Zaslav, the current CEO, will lead the streaming and studios company, while Gunnar Wiedenfels, the current CFO, will become CEO of the global networks division.
Warner Bros. Discovery aims to complete the separation by mid-2026.
Zaslav stated that operating as two focused and optimized companies will give these iconic brands the strategic flexibility and sharper focus they need to compete effectively in the rapidly changing media landscape.
This announcement follows earlier reports about the possible split and comes after a restructuring announced in December, which many saw as a step toward this division.
The move also happens as Comcast prepares to spin off its cable networks, including CNBC, into a new public company called Versant. This trend has led to speculation about more consolidation and changes in the media industry.
Following the news, Warner Bros. Discovery’s stock rose by over 9% in early trading.
Highlights
- Warner Bros. Discovery intends to divide into two publicly traded companies by next year.
- The company will split into a streaming and studios division, including its film assets and HBO Max, and a global networks division, which will feature CNN, TNT Sports, and Discovery.
- David Zaslav, the CEO, will head the streaming and studios division, while the current CFO, Gunnar Wiedenfels, will become CEO of the global networks division.
