Warner Bros. Discovery to Split Into Two Separate Companies

The entertainment giant will break itself into two publicly traded companies in “Streaming & Studios” and “Global Networks.” The shift, designed to enable each venture to “maximize its potential,” is expected to be completed by mid-2026, the company said.

Streaming & Studios will include the libraries of HBO and Warner Brothers, studio production facilities in California and Britain and tours and experiences. The venture will focus on growing HBO Max, now in 77 markets, said the company’s press release.

Global Networks will house Discovery, as well as CNN and TNT Sports, which are known for coverage of live events. Assets in this group currently reach 1.1 billion viewers across 200 countries and territories.

Warner Brothers Discovery CEO David Zaslav will serve as chief of streaming, while Warner Brothers Discovery Chief Financial Officer Gunnar Wiedenfels will lead global networks.