Warner Bros. Discovery is to split into two publicly traded companies, separating its cable TV networks from its studios and streaming businesses.
The Streaming & Studios company will consist of Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, and HBO Max, as well as their film and television libraries and the studio production facilities in Burbank and Leavesden.
Global Networks will include cable channels such as CNN, TNT Sports in the US, and Discovery, as well as free-to-air channels across Europe, and digital products such as the profitable Discovery+ streaming service.
David Zaslav, President and CEO of Warner Bros. Discovery, will become President and CEO of Streaming & Studios.
Gunnar Wiedenfels, CFO of Warner Bros. Discovery, will serve as President and CEO of Global Networks.
Both will continue in their current roles at WBD until the separation, which is expected to take place next year.
WBD’s new streaming company will focus on continuing to scale HBO Max, which is now in 77 markets with new country launches planned for 2026 in the UK, Germany and Italy.
US media giants have been looking to spin off their declining cable TV networks to focus on their faster-growing streaming services. Comcast, the parent company of NBC and Universal Studios, said last year it would spin off its traditional TV business into a new company called Versant.
Zaslav said: “By operating as two distinct and optimised 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. This will also allow each company to pursue important investment opportunities and drive shareholder value," said Wiedenfels. "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 maximising our network assets and driving free cash flow.”
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