On July 28, 2025, Warner Bros Discovery announced plans to split into two independent, publicly traded companies by mid-2026. The restructuring will create a new Warner Bros entity focused on studio and streaming operations, and a separate company, Discovery Global, dedicated to cable networks and digital media platforms.
The newly defined Warner Bros will include assets such as Warner Bros Television and Motion Picture Group, DC Studios, HBO, HBO Max, and the company’s gaming divisions. David Zaslav, the current CEO of Warner Bros Discovery, will continue to lead this entertainment-focused branch following the split.
Discovery Global, meanwhile, will manage traditional television networks and news brands, including CNN, TNT Sports, Discovery Channel, Eurosport, and digital properties like Discovery+ and Bleacher Report. Gunnar Wiedenfels, the company’s CFO, will transition into the role of CEO for Discovery Global.
This separation is structured as a tax-free spin-off and is designed to give each business greater focus and operational independence. Discovery Global will retain up to a 20% stake in Warner Bros, which it plans to monetize to help manage existing debt.
The decision marks a significant strategic reversal from the 2022 merger that originally combined WarnerMedia and Discovery Inc. It follows a broader industry trend of media companies separating their fast-growing digital streaming and production assets from more traditional, legacy cable operations. Similar restructurings are being seen across the sector, including recent moves by Comcast to spin off its own cable holdings into a standalone unit.
Executives at Warner Bros Discovery framed the split as a necessary evolution in response to the dramatic shifts in consumer behavior and media consumption. As traditional cable TV continues to lose subscribers and on-demand streaming becomes the dominant mode of entertainment, companies are under pressure to focus on core strengths and streamline their operations.
The split is expected to be finalized by mid-2026, pending regulatory approvals and favorable market conditions. Financial advisors from J.P. Morgan and Evercore are overseeing the process, with legal counsel from Kirkland & Ellis.
The goal of the restructuring is to create two focused, agile companies better equipped to grow and compete in their respective markets. By separating studio and streaming content from traditional broadcasting and cable news, Warner Bros Discovery aims to unlock shareholder value and respond more effectively to the realities of the evolving media landscape.
