Warner Bros. Discovery, as it telegraphed six months ago, is breaking itself into two chunks.

One company will be “WBD Streaming & Studios,” encompassing Warner Bros. Pictures, HBO, Max/HBO Max and more. The other will be “WBD Global Networks,” home to CNN, TNT, TBS and more, largely comprising linear TV businesses that have suffered declines in revenue and profitability. The split, according to WBD chief David Zaslav, will give each company “sharper focus and strategic flexibility they need to compete most effectively in today’s evolving media landscape” — including potential M&A options.

The separation is expected to be completed by mid-2026. Zaslav will head the streaming and studios company, with the yet-to-be-named TV company led by Gunnar Wiedenfels, currently CFO of Warner Bros. Discovery. The majority of WBD’s debt, which stood at about $34 billion of net debt at the end of the first quarter of 2025, will be assigned to the TV networks spin-off, execs said.

Popular on Variety

Here’s a breakdown of what each entity would look like following the split.

WBD Streaming & Studios

Max global streaming service, available in 77 markets (soon to be rebranded back to HBO Max worldwide)

HBO linear channels

TNT Sports International (U.K. and Ireland)

Warner Bros. Motion Picture Group (WBMPG), comprising Warner Bros. Pictures, New Line Cinema, and Warner Bros. Pictures Animation

DC Studios and DC Comics Publishing

Warner Bros. Television Group (WBTVG), comprising Warner Bros. Television (live-action scripted programming), Warner Bros. Unscripted Television (Warner Horizon Unscripted Television, Telepictures, Warner Bros. International Television Production, and Shed Media), Warner Bros. Animation, Cartoon Network Studios, and Hanna-Barbera Studios Europe

Warner Bros. Games

Tours, retail and experiences including consumer products and brand licensing

Studio production facilities in Burbank and Warner Bros. Studios Leavesden in England

WBD Global Networks

U.S. general and lifestyle entertainment networks including TNT, TBS, Turner Classic Movies, OWN, HGTV, Food Network, TLC, Discovery Channel, Animal Planet, Cartoon Network and Adult Swim

CNN, including CNN International and CNN’s forthcoming subscription streaming service

Discovery+ streaming service

TNT Sports U.S. including rights with MLB, NCAA Division I Men’s Basketball Championship, NHL, United States Soccer Federation, Unrivaled, Nascar, Roland-Garros, NCAA Big 12 Football and Men’s Basketball, and NCAA Big East Men’s and Women’s Basketball

Bleacher Report (B/R) and House of Highlights (under TNT Sports)

Eurosport.com, Golf Digest (under TNT Sports)

Here’s a slide WBD presented to investors about what the new companies will look like post-split:

Pictured above: David Corenswet in James Gunn’s “Superman,” set to hit theaters July 11, 2025

Warner Bros. Discovery Splits Streaming, Cable Into Two/ Newslooks/ WASHINGTON/ J. Mansour/ Morning Edition/ Warner Bros. Discovery will divide into two public companies by mid-2026, separating cable operations from its streaming and studio assets. The move responds to industry-wide cord-cutting trends and intensifying competition from streaming giants. CEO David Zaslav will lead the new streaming-focused company, while CFO Gunnar Wiedenfels will head the cable division.

FILE – Shaquille O’Neal, from left, Ernie Johnson, Kenny Smith and Charles Barkley speak at the NBA Awards on Monday, June 25, 2018, at the Barker Hangar in Santa Monica, Calif. (Photo by Chris Pizzello/Invision/AP, File)

Warner Bros. Discovery Split: Quick Looks

Two New Companies: Streaming & Studios vs. Global Networks.

Streaming & Studios vs. Global Networks. Streaming Assets: HBO, Max, Warner Bros., DC Studios.

HBO, Max, Warner Bros., DC Studios. Cable Assets: CNN, TNT Sports, Discovery, Bleacher Report.

CNN, TNT Sports, Discovery, Bleacher Report. Leadership Change: Zaslav to lead streaming; Wiedenfels to head cable.

Zaslav to lead streaming; Wiedenfels to head cable. Market Reaction: Shares surged over 7% following announcement.

Shares surged over 7% following announcement. Cord-Cutting Fallout: Cable exodus forces structural industry shifts.

Cable exodus forces structural industry shifts. Final Approval Needed: Split expected by mid-2026 pending board OK.

Split expected by mid-2026 pending board OK. Industry Pressure: Competition from Netflix, Amazon, Disney+ intensifies.

FILE – In this Jan. 15, 2020, file photo, EVP of Content Acquisitions for TNT, TBS, truTV, HBO & HBO MAX Michael Quigley, from left, Chief Content Officer, HBO MAX and President, TNT,TBS, & truTV Kevin Reilly and Head of Original Content , HBO MAX Sarah Aubrey appear at the HBO Max Executive Sessions panel during the HBO TCA 2020 Winter Press Tour at the Langham Huntington in Pasadena, Calif. (Photo by Willy Sanjuan/Invision/AP, File)

Deep Look: Warner Bros. Discovery to Split Streaming and Cable in Landmark Move

In a bold restructuring move to adapt to the streaming era, Warner Bros. Discovery announced Monday that it will split into two separate public companies by mid-2026 — a long-anticipated shift meant to sharpen its competitive edge as cord-cutting reshapes the media landscape.

A Clear Divide: Streaming vs. Cable

The new entities will divide the company’s vast entertainment empire:

Streaming & Studios will include heavyweights such as Warner Bros. Television , Warner Bros. Motion Picture Group , DC Studios , HBO , and HBO Max . These assets anchor Warner’s presence in the high-stakes streaming and theatrical markets.

will include heavyweights such as , , , , and . These assets anchor Warner’s presence in the high-stakes streaming and theatrical markets. Global Networks will house CNN, TNT Sports, Discovery (including top European free-to-air channels), Discovery+, and Bleacher Report, representing the company’s traditional and digital broadcasting arm.

CEO David Zaslav will lead Streaming & Studios, while current CFO Gunnar Wiedenfels will transition to CEO of Global Networks. Both executives will maintain their roles until the division is finalized, pending Warner Bros. Discovery board approval.

“We are empowering these iconic brands with the sharper focus and strategic flexibility they need,” Zaslav said in a statement.

Market Surge and Leadership Shifts

The announcement sparked an immediate response on Wall Street, with shares jumping over 7% in pre-market trading. The move comes just days after shareholders rejected executive pay packages, including Zaslav’s $51 million compensation, in a nonbinding but symbolic vote.

Despite the controversy, the leadership shuffle signals confidence in segment-specific strategies as the company adapts to fierce pressure from streaming competitors like Netflix, Disney+, and Amazon Prime Video.

Cable’s Long Decline Spurs Action

Warner Bros. Discovery’s decision reflects long-simmering disruptions in the cable industry. Over the past decade, streaming services have siphoned off millions of customers from traditional cable, dramatically shrinking the viewership and profitability of linear television networks.

Even long-standing industry players like Comcast and Charter have restructured to remain viable. Comcast recently spun off several networks, and Charter offered a $34.5 billion bid to acquire Cox Communications to consolidate cable resources.

“Cord-cutting is not just a trend — it’s a new reality,” said media analyst Carla Wentworth. “Legacy companies must now decide between evolving or evaporating.”

A Strategic Reshuffle in the Making

The split follows Warner Bros. Discovery’s December 2024 restructuring, which hinted at the eventual bifurcation of the company into two core divisions: Global Linear Networks and Streaming & Studios. Monday’s announcement formalizes that strategy, signaling a full operational and branding pivot.

The new structure allows each company to pursue growth and innovation independently:

Streaming & Studios can lean into original content, IP expansion (including the DC Universe ), and platform optimization.

can lean into original content, IP expansion (including the ), and platform optimization. Global Networks will likely focus on live sports, news, and international free-to-air programming, while navigating declining cable subscriptions with digital pivots.

Global Reach and Digital Pivot

The company’s reach remains immense, with a portfolio that spans film, TV, live sports, and global media distribution. However, internal challenges and external disruptions — including increasing scrutiny from regulators and activist investors — make this split not just strategic, but perhaps necessary.

“The separation reflects a market where bundled content is no longer king,” said investor strategist Mark Frasier. “Today’s viewer wants flexibility, value, and digital-first access.”

What’s Next?

The split is set to be completed by mid-2026, following regulatory and board approvals. Over the next year, stakeholders will closely watch how Warner Bros. Discovery prepares each division for life as an independent company.

Both entities will need to address:

Revenue diversification strategies

Talent retention in a competitive creator economy

Viewer engagement in a saturated content market

Technology investments, especially in AI-powered content recommendations

The media industry is watching closely. If Warner Bros. Discovery succeeds, it could pave the way for similar moves across the industry, particularly among conglomerates with sprawling, mismatched assets.

For more entertainment news

More on Business News

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.

MAX Subscription with ads $9.99/month Premium Subscription $19.99/month

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.

Syndication: The Knoxville News-Sentinel Sksks 0731

Update: Warner Bros. Discovery confirmed in an investor call on Monday that TNT Sports properties will remain on the Max streaming service following the split. This piece has been updated with the new information.

After months of preparation, Warner Bros. Discovery has opted to split into two separate companies.

According to Brian Steinberg of Variety, Warner Bros. Discovery, the parent company in charge of TNT Sports and the Max streaming service, will split its company in two: one streaming-focused entity and another that houses the company’s legacy media assets such as its cable networks. Warner Bros. Discovery CEO David Zaslav will lead the new streaming-focused entity, while CFO Gunnar Widenfels will helm the legacy assets.

“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,” Zaslav said in a statement, per Variety.

Last month, CNBC’s David Faber reported that Warner Bros. Discovery was “moving towards” a split of its linear television and digital assets. In December of last year, the company moved to internally restructure its assets, dividing its linear networks from its streaming and studios divisions. Just a couple months ago, the company hired bankers to explore a spinoff.

Warner Bros. Discovery would not be the first media conglomerate to opt for a split. In the coming months, Comcast will make its spinoff official when it launches Versant, a new company that will house the majority of NBC’s cable assets.

With Warner Bros. Discovery going a similar route, it appears that sports-focused channels like TNT, TBS, and truTV will eventually fall outside of the corporate umbrella. However, according to an investor call held on Monday, the company will continue to offer its sports properties on its Max streaming service following the split. It is unclear whether that will apply to other cable networks like CNN, Discovery, and Food Network, as Discovery+ is set to be housed with the linear assets.

The Wall Street Journal reports that Bleacher Report, the sports-focused digital publication, will follow the TNT Sports entities as part of the split off.

So far, any timeline for an eventual split is unclear.