Warner Bros Discovery to split streaming and cable TV businesses

Warner Bros Discovery has announced plans to split into two publicly traded companies, splitting its streaming and studios business from its traditional cable television networks.

The move is expected to allow each unit to operate with greater focus and flexibility, the media conglomerate said.

The Streaming & Studios division will include Warner Bros, DC Studios, HBO, and the Max platform.

A separete company, called Global Networks will comprise CNN, Discovery, and other linear networks. It will also retain up to a 20% stake in the streaming business.

“By operating as two distinct and optimized companies in the future, we are empowering these iconic brands with the sharper focus and strategic flexibility they need to compete most effectively in today’s evolving media landscape,” said CEO David Zaslav.

“This evolution isn’t a departure from our strategy — to deploy Max globally, optimize our global networks and return our Studios to industry leadership — it’s about unlocking the full potential of two strong businesses,” he told staff.

Zaslav will lead the Streaming & Studios unit, while CFO Gunnar Wiedenfels will become CEO of Global Networks.

The transaction is expected to complete by mid-2026.

Warner Bros Discovery said most of its $37 billion debt will be held by the cable-focused unit.