Warner Bros. Discovery set to break into two separate companies

Summary

Warner Bros. Discovery plans to split into two separate companies by mid-2026.
The Streaming & Studios company will include film and TV brands like HBO and Warner Bros. The Global Networks company will include its entertainment, sports, and TV news brands like CNN and Discovery Plus.
David Zaslav will lead the Streaming & Studios company, while Gunnar Wiedenfels will head the Global Networks company. The names of both companies have not been revealed yet.

After announcing the return of the HBO Max brand for its Max streaming service just a few weeks ago, Warner Bros. Discovery has made another major announcement. The company is planning to split in two.

That’s right, Warner Bros. Discovery has revealed its intentions to separate into two distinct companies: one for its streaming and film business, and the other for Discovery and its other TV brands. The split is expected to be completed in mid-2026 (about a year from now) and is intended to “invigorate each company by enabling them to leverage their strengths and specific financial profiles.”

The “Streaming & Studios” company will encompass all its major film and television brands, including Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, and HBO Max. Warner Bros. Games (which produced Hogwarts Legacy and is on board for the recently-announced Game of Thrones: War for Westeros), as well as Tours, Retail and Experiences will also fall under this umbrella.

The second company, “Global Networks,” will encompass its entertainment, sports, and news television brands, including CNN, TNT Sports, Bleacher Report, Discovery Plus, and Discovery’s free-to-air channels in Europe.

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A separation long in the making

The names of each company have not been revealed yet

Warner Bros. Discovery

News of Warner Bros. Discovery’s split might not surprise many, considering the company’s recent struggles. In 2024, the company reportedly lost $11.5 billion (via Variety). Additionally, in 2024, the Financial Times reported that CEO David Zaslav was contemplating breaking up the company to help reduce losses. So today’s announcement could possibly be a culmination of these factors.

David Zaslav, the current CEO of Warner Bros. Discovery, will become the CEO of the Streaming & Studios company, while Warner Bros. Discovery CFO Gunnar Wiedenfels will assume the role of President and CEO of the Global Networks Company. Both will remain in their current positions until the separation is finalized in mid-2026.

“The cultural significance of this great company and the impactful stories it has brought to life for more than a century have touched countless people all over the world. It’s a treasured legacy we will proudly continue in this next chapter of our celebrated history,” said CEO David Zaslav. “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.”

As for the official names of both new companies, they have yet to be revealed. It’s not entirely clear yet which company will get to wield the Warner Bros. name going forward. However, given how the Streaming & Studios company holds most of Warner Bros. assets, it’s likely that the Warner Bros. name will end up associated with that company, but that’s just speculation on my part.

In May, Warner Bros. Discovery announced that it was renaming its streaming service back to HBO Max after changing the name controversially in 2023.