The beginning of this week brought shocking news from the media conglomerate world: Warner Bros. Discovery, the massive company, will be splitting up next year.
On June 9, Warner Bros. Discovery published a press release outlining the details of this upcoming split and what the two new companies will look like.
Streaming & Studios will take brands including Warner Bros. Television and Motion Picture groups, DC Studios, and HBO/HBO Max (renamed from Max as of May 2025). Meanwhile, Global Networks will manage brands like CNN, TNT Sports, Discovery (and its streaming service Discovery+), and Bleacher Report. (This division is just a fraction of the over 60 brands currently under WBD.)
David Zaslav, the current president and CEO, will lead Streaming & Studios, while Gunnar Wiedenfels, the CFO, will serve as president and CEO of Global Networks. Both will remain in their roles until the companies officially separate. Global Networks will retain a 20 percent stake in Streaming & Studios.
Leadership from both sides expressed optimism about the future.
“By operating as two distinct and optimized companies, we are empowering these iconic brands with the sharper focus and strategic flexibility they need to compete effectively in today’s evolving media landscape,” Zaslav said in a statement.
Wiedenfels added, “This separation will invigorate each company by enabling them to leverage their strengths and specific financial profiles. It will also allow each company to pursue important investment opportunities and drive shareholder value.”
If you’ve been following this company — which has undergone numerous changes over the past decade — this news might not be too surprising. The holdings involved have changed hands multiple times including a December 2024 restructuring that hinted this split was coming.
In 2018, AT&T acquired Time Warner, renaming it WarnerMedia, to compete with Comcast’s acquisition of NBCUniversal. But in 2022, AT&T spun off WarnerMedia, merged it with Discovery, and created Warner Bros. Discovery so AT&T could refocus on its telecommunications business. This simplified timeline helps explain why this split is happening and hints at what the future might hold—though such complex business moves are common in this industry.
The company hoped the 2022 merger would encourage HBO Max subscribers—drawn by hits like The White Lotus, The Last of Us, and Succession—to explore Discovery’s unscripted content from networks like HGTV, TLC, and the Food Network. However, the New York Times reports this plan never fully materialized. In light of this week’s news, Yahoo Finance labeled the merger a “failure.”
The WBD statement emphasized that the split will allow both companies to be “faster and more aggressive in pursuing opportunities.” This speed and flexibility will be critical in the ever-changing media and entertainment landscape.
Financial reasons are also likely behind the split: WBD carries nearly $40 billion in debt, and the uncertain economy doesn’t help. Global Networks’ stake in Streaming & Studios should help reduce some of that debt. Other legacy media giants like Disney, Comcast, and Paramount are also undergoing restructuring, especially with the ongoing struggles of cable networks. The breakup of WBD may be just the beginning of more media splits.
The biggest question remains: How will WBD’s split affect consumers?
We won’t know for sure until the break takes effect in 2026. According to Monday’s statement, Streaming & Studios “will be comprised of Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO and HBO Max (including its international sports offerings), Warner Bros. Games, Tours, Retail and Experiences, as well as studio production facilities in Burbank and Leavesden.” The focus will be on scaling HBO Max.
Global Networks will oversee “a powerful portfolio of entertainment, sports, and news television networks and brands, along with their digital products.” Its priorities include “elevating live content offerings in sports and news, and growing digital extensions of strong network brands like Discovery+, Bleacher Report, and CNN’s new streaming service.”
The statement didn’t offer details on all 64 brands under WBD’s umbrella.
While HBO Max and Discovery+ will continue to operate, the split may lead to changes in service offerings. For example, TNT Sports, currently available on HBO Max, will move to Global Networks. Licensing agreements between the two companies could affect what content appears where, and user plans may need to adjust.
For now, all you favorite content will stay right where you expect it—but brace yourself, because significant changes could be coming within the next year.
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