Warner Bros Discovery To Split Into 2 Companies By 2026, Streaming Business To Be Led By CEO David Zaslav

Warner Bros. Discovery (WBD) announced on Monday that it will split into two companies by 2026, separating its streaming and studio business from its networks business.

The Streaming & Studios company will include Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, and HBO Max.

This company will also get the film and television libraries owned by Warner Bros. Discovery.

The Global Networks company will include entertainment, sports, and news brands, including TNT Sports in the U.S., CNN, Discovery, Bleacher Report, and the Discovery+ streaming service. It will also include free-to-air channels in Europe.

WBD’s shares were up 5.80% in Monday’s pre-market session at the time of writing.

David Zaslav, the President and CEO of WBD, will be the CEO of Streaming & Studios, while CFO Gunnar Wiedenfels will lead the Global Networks company.

Zaslav said this split will enable the company to work with a sharper focus and provide it with the strategic flexibility it needs.

WBD also announced a tender offer to buy back $14.60 billion in outstanding notes. At the end of the first quarter of 2025, WBD’s outstanding debt stood at $37.40 billion.

This follows a restructuring exercise undertaken by WBD in December, which organized its operations into linear and streaming segments. A July 2024 report by the Financial Times said Zaslav is considering a business split due to the mounting debt of the legacy TV business.

The names of the new companies are not known yet, so it’s unclear which company will retain the Warner Bros. brand.

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