'Evolving Media Landscape': Warner Bros. Discovery Is Separating Into 2 Companies. Here's What We Know.

Key Points

• Warner Bros. Discovery will split into two separate, publicly traded companies—Streaming & Studios and Global Networks—with the transaction expected to close by mid-2026.
• Streaming & Studios, led by David Zaslav, will house Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO and HBO Max.
• Global Networks, under CFO-turned-CEO Gunnar Wiedenfels, will include CNN, TNT Sports U.S., Discovery, Discovery+ and Bleacher Report.
• The separation is designed to give each company sharper focus, greater strategic flexibility and the ability to pursue tailored investments to drive shareholder value.

Warner Bros. Discovery announced on Monday that it is separating the company into two publicly traded companies, according to a statement.

"Streaming & Studios" will consist of Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, and HBO Max. David Zaslav, the current President and CEO of Warner Bros. Discovery, will now be President and CEO of Streaming & Studios.

Related: Apple CEO Tim Cook Is One of the Most Highly Compensated CEOs. Here's How Much He Got Paid Last Year.

"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 May, Warner Bros. Discovery announced it was rebranding its Max streaming app back to HBO Max.

The other entity, "Global Networks," will include CNN, TNT Sports in the U.S., Discovery, the Discovery+ streaming service, and Bleacher Report (B/R). Gunnar Wiedenfels will now serve as President and CEO of Global Networks. Wiedenfels is currently the chief financial officer of Warner Bros. Discovery.

"This separation will invigorate each company by enabling them to leverage their strengths and specific financial profiles," Wiedenfels said. "This will also allow each company to pursue important investment opportunities and drive shareholder value."

CNBC reported the company's "restructuring" in December, noting that it was a "precursor to a full break."

CNBC, meanwhile, is part of a restructuring of its own — Comcast is spinning off its cable networks into a company called Versant.

Warner Bros. Discovery's restructuring is expected to be finalized by mid-2026. Both Zaslav and Wiedenfels will stay in their current roles until the split is complete, the company notes.