Warner Bros Discovery Plans 2026 Split Into Streaming, Network Firms

Warner Bros. Discovery announced plans to split into two publicly traded companies by mid-2026, aiming to unlock greater value and strategic flexibility by separating its Global Linear Networks from its Streaming and Studios businesses. CEO David Zaslav will lead the Streaming & Studios entity, which includes Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, and HBO Max, while CFO Gunnar Wiedenfels will become CEO of the Global Networks company, overseeing cable channels like CNN, TNT Sports, Discovery+, and sports rights. The split reflects the company’s response to a generational disruption in entertainment, seeking sharper focus and agility for each business to compete effectively in a rapidly evolving media landscape, despite challenges such as declining cable viewership and substantial debt. Although the stock surged initially on the announcement, it remains down from its 2022 post-merger peak, highlighting ongoing investor concerns about profitability and growth. Critics note that Zaslav, who has faced backlash for decisions impacting animation and the company’s debt, will remain with the studios and streaming side, while the debt burden largely shifts to the cable networks business, which faces a declining industry. The streaming division will focus on global expansion of HBO Max and content production, while the networks will manage linear channels and sports rights, aiming for more tailored growth strategies and investor alignment.