Warner Bros Discovery to split TV‑networks and streaming businesses

Warner Bros Discovery (WBD) announced today it will separate into two publicly traded companies by mid‑2026:

• Streaming & Studios, led by CEO David Zaslav, will include Warner Bros Television, Warner Bros Motion Picture Group, DC Studios, HBO, and HBO Max—along with their vast film and TV library.
• Global Networks, headed by CFO Gunnar Wiedenfels, will encompass CNN, TNT Sports (U.S.), Discovery’s free‑to‑air European channels, Discovery+, and platforms like Bleacher Report.

The move aims to sharpen strategic focus, increase flexibility, and maximize shareholder value—mirroring similar industry trends by Comcast and others. The split requires board approval and comes after WBD’s cable revenue declined and debt concerns grew—though shares jumped ~9–10% in response .