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Warner Bros. Discovery Announces Strategic Separation Into Two Entities

New York, NY – [June 9, 2025] – Warner Bros. Discovery (WBD) has revealed plans to split into two independently traded entities: Streaming & Studios and Global Networks, with the separation targeted for mid-2026.

New Corporate Structure

The planned restructuring will create two focused divisions. The Streaming & Studios division will include Warner Bros Television, Warner Bros Motion Picture Group, DC Studios, HBO, and HBO Max. This segment will be led by current WBD CEO, David Zaslav.

The Global Networks division will consist of network assets including CNN, TNT Sports, Discovery, and the streaming service Discovery+. This unit will be headed by WBD CFO, Gunnar Wiedenfels.

Leadership Commentary

David Zaslav (CEO of Warner Bros. Discovery) emphasized the enduring legacy of the company and noted that the separation allows both businesses to optimize their strengths and capitalize on their unique growth paths. Gunnar Wiedenfels (Chief financial officer of Warner Bros. Discovery) added that the move is intended to unlock strategic opportunities and drive long-term shareholder value.

Background and Financial Rationale

Following a challenging merger in 2021/2022 and facing ongoing financial pressures—including a BB+ credit rating from S&P—Warner Bros. Discovery’s board is taking proactive steps to refine its corporate structure. The new alignment is expected to enhance operational focus, improve financial flexibility, and provide clearer value propositions to investors.

About Warner Bros. Discovery

Warner Bros. Discovery is a leading global media and entertainment company, delivering content across television, film, and streaming platforms. With a portfolio that includes some of the most recognized brands in the industry, WBD aims to inform, entertain, and inspire audiences worldwide.