Warner Bros. Discovery announced Monday it will divide into two separate publicly traded companies, a move aimed at strengthening its streaming operations while maximizing returns from traditional news and entertainment assets.
The split will create two new entities: “Streaming & Studios” and “Global Networks.”
According to the company, this strategic realignment is expected to be finalized by mid-2026.
It reflects an industry-wide shift as legacy media companies grapple with declining cable subscriptions and a growing consumer preference for streaming.
“Streaming & Studios” will take over properties such as HBO and Warner Bros., including production facilities in California and the UK, along with associated tours and branded experiences. The division’s priority will be to expand HBO Max, which is currently available in 77 markets.
Meanwhile, “Global Networks” will encompass assets like Discovery, CNN, and TNT Sports—brands recognized for their live programming and broad international reach. This unit currently connects with an estimated 1.1 billion viewers across 200 countries and territories.
Warner Bros. Discovery CEO David Zaslav will assume leadership of the streaming division, while CFO Gunnar Wiedenfels will head the global networks 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,” Zaslav said.
Following the announcement, Warner Bros. Discovery shares jumped 10.3 percent in morning trading.
