Warner Bros. Discovery will split into two separate companies

Warner Bros. Discovery is dividing its assets into two separate publicly traded companies, the media conglomerate announced Monday.

The move will put the company’s iconic movie studio, prestige TV operation, HBO and HBO Max and DC Studios into a single entity known as Streaming & Studios. Cable channels CNN, TNT, Discovery and over-the-air networks internationally will operate under the banner of Global Networks.

The split is aimed at attracting investors in the company’s growing streaming business without exposure to the mature traditional TV business, which is in decline. The transaction is expected to be done by mid 2026.

“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,” Warner Bros. Discovery David Zaslav said in a statement.

Zaslav will head Streaming & Studios. Gunnar Wiedenfels, chief financial officer of Warner Bros. Discovery, will serve as president and CEO of Global Networks. Both will continue in their present roles at WBD until the separation.

Zaslav has hinted at the split since Comcast announced it was putting MSNBC, CNBC, the Golf Channel, USA Network and other outlets into a new company called Versant, separating the mature businesses from the rest of the company as it focuses on streaming.