Warner Bros. Discovery plans to split into two separate, listed companies by mid-2026: Streaming & Studios and Global Networks. The aim is to achieve a clearer strategic focus, more flexibility and a stronger position in the changing media and streaming market.

Streaming & Studios will bundle the core creative businesses - including Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, HBO Max and Warner Bros. Games. The division is focussing on global expansion, including through new markets for HBO Max and investments in premium content. The operational focus is on growth in revenue, profit and cash flow.

Global Networks will unite international TV brands such as CNN, TNT Sports (USA), Discovery and digital offerings such as Discovery+ and Bleacher Report. With a reach of over one billion viewers worldwide, the division aims to expand its strength in the live segment (sports and news) and at the same time further develop digital business areas.

David Zaslav will become CEO of Streaming & Studios, while CFO Gunnar Wiedenfels will take over the management of Global Networks. The separation is to be tax-free for shareholders and is supported by a financing commitment of USD 17.5 billion from J.P. Morgan.

With the demerger, Warner Bros. Discovery is pursuing the goal of increasing value for shareholders and giving both companies the opportunity to further develop their respective strengths independently of each other.