Warner Bros. Discovery to Split into Two Separate Companies

Warner Bros. Discovery has confirmed plans to separate into two publicly traded companies, one housing streaming and studios operations, to be led by David Zaslav, and the other focused on global networks under Gunnar Wiedenfels.

Zaslav, president and CEO of Warner Bros. Discovery, will lead the streaming and studios company, consisting of Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO and HBO Max, as well as their film and television libraries. The company housing the global networks will be home to CNN, TNT Sports in the U.S. and Discovery, a suite of free-to-air channels across Europe, and digital products such as Discovery+ and Bleacher Report (B/R). It will be led by Wiedenfels, currently CFO of Warner Bros. Discovery, and will retain up to 20 percent of the streaming and studios company. The separation is expected to be complete by the middle of next year.

“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,” said Zaslav. “It’s a treasured legacy we will proudly continue in this next chapter of our celebrated history. 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,” said Wiedenfels. “This will also allow each company to pursue important investment opportunities and drive shareholder value. 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.”

“We committed to shareholders to identify the best strategy to realize the full value of our exciting portfolio of assets, and the Board believes this transaction is a great outcome for WBD shareholders,” added Samuel A. Di Piazza, Jr., chair of the Warner Bros. Discovery board of directors. “This announcement reflects the board’s ongoing efforts to evaluate and pursue opportunities that enhance shareholder value.”