The Spilt of Warner Bros. Discovery: An Examination of Future Fates for Movie Studios, HBO Max, Cable Networks, and Other Business Ventures
Warner Bros. Discovery (WBD) is set to undergo a significant transformation, splitting into two separate companies by mid-2026. The proposed structure aims to provide each company with a sharper focus and strategic flexibility needed to thrive in today's evolving media landscape.
The first company, Warner Bros., will focus on streaming and studios, and will be known as Warner Bros. (formerly WBD Streaming & Studios). This entity will encompass Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, HBO Max, Warner Bros. Gaming Studios, and their associated film and television libraries.
David Zaslav, currently the CEO of Warner Bros. Discovery, will head the streaming and studios company. Key executives such as Casey Bloys (HBO/HBO Max), James Gunn and Peter Safran (DC Studios), and Pam Abdy and Mike De Luca (Motion Picture Group) will also play crucial roles. This company will continue the legacy of Warner Bros.’ storytelling across multiple platforms.
The second company, Discovery Global (formerly WBD Global Networks), will concentrate on linear and digital networks worldwide. This includes CNN, TNT Sports in the U.S., Discovery Channel, top free-to-air channels across Europe, as well as digital products like Discovery+ and Bleacher Report. Discovery Global currently reaches over 1.1 billion unique viewers in 68 languages across 200 countries and territories, and will inherit most of WBD’s debt and a 20% stake in Warner Bros. Gunnar Wiedenfels is set to lead this company.
Warner Bros. will be the content creation and streaming-focused entity, while Discovery Global will handle traditional and digital networks, along with certain streaming assets related to live sports and global reach. The exact details of the split, including asset allocations and financial structures, have not been fully disclosed.
The split may also include potential M&A scenarios. The majority of WBD's debt, approximately $34 billion, will be assigned to the TV networks spin-off. Studio production facilities in Burbank and Warner Bros. Studios Leavesden in England are part of Warner Bros., while TNT Sports International operates in the U.K. and Ireland and is part of Discovery Global.
Max global streaming service, currently available in 77 markets, will be rebranded back to HBO Max worldwide. Warner Bros. Games are part of WBD Streaming & Studios, and Eurosport.com and Golf Digest (under TNT Sports) are part of WBD Global Networks. TNT Sports U.S. holds 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 are part of WBD Global Networks.
DC Studios and DC Comics Publishing are part of WBD Streaming & Studios, and Warner Bros. Television Group (WBTVG) is included in WBD Streaming & Studios, comprising Warner Bros. Television, Warner Bros. Unscripted Television, Warner Bros. Animation, Cartoon Network Studios, Hanna-Barbera Studios Europe, and other divisions.
The split aims to give each company the focus and flexibility needed to compete effectively in today's evolving media landscape. Further details about the split are expected to be revealed in the coming months.
Technology will play a significant role in Warner Bros. as they continue to develop and enhance their streaming platforms, such as HBO Max, and gaming studios. For entertainment, Discovery Global will offer a wide range of linear and digital networks, including CNN and Discovery Channel, as well as digital products like Discovery+ and Bleacher Report.
