Following months of speculation, Warner Bros. Discovery has announced plans to separate the company into two publicly traded companies.
The Global Networks company will take most of the legacy linear properties and their digital off-shoots. This includes cable TV networks like CNN, TNT Sports, and Discovery (inclusive of Discovery+), and free-to-air channels owned by WBD across Europe. It will also include sports-focused digital property Bleacher Report.
The Streaming & Studios company will include all of Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, and HBO Max. It will also own the highly valuable film and television libraries.
It will be another year before the deal is finalised, expected by mid-2026.
In Australia, CNN and Discovery channels are currently carried by Foxtel and Fetch TV. It launched Max in Australia in March 2025 and maintains robust TV and movie library sales across the market. Upcoming theatrical releases will include Superman in July.
The newly split companies have not yet been named. David Zaslav, current President and CEO of Warner Bros. Discovery, will be appointed President and CEO of Streaming & Studios. Gunnar Wiedenfels, current CFO of Warner Bros. Discovery, will be President and CEO of Global Networks.
Both will continue in their existing until the separation.
The news of the split was initially met with a very positive reaction by Wall Street, with an immediate stock spike taking it up over a dollar to $10.86, but by the end of trade the value had fallen to $9.53 per share.
“The cultural significance of this great company and the impactful stories it has brought to life for more than a century have touched countless people all over the world. It’s a treasured legacy we will proudly continue in this next chapter of our celebrated history,” said Zaslav. “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.”
“This separation will invigorate each company by enabling them to leverage their strengths and specific financial profiles. This will also allow each company to pursue important investment opportunities and drive shareholder value,” said Wiedenfels. “At Global Networks, we will focus on further identifying innovative ways to work with distribution partners to create value for both linear and streaming viewers globally while maximizing our network assets and driving free cash flow.”