Warner Bros. Discovery to Separate into Streaming and Networks Divisions

In a significant corporate restructuring, Warner Bros. Discovery announced plans to split into two distinct publicly traded companies, focusing on its streaming and studio operations, as well as its global networks. The decision, confirmed by CEO David Zaslav on June 9, 2025, aims to maximize operational potential and enhance competitive positioning in an evolving media landscape.

The separation, anticipated to be finalized by mid-2026, will create two entities: the Streaming & Studios division and the Global Networks division. The Streaming & Studios entity will encompass Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, and HBO Max, alongside their extensive film and television libraries. Meanwhile, the Global Networks division will manage renowned brands such as CNN, TNT Sports, and Discovery, along with digital products like the profitable Discovery+ service.

David Zaslav will continue as president and CEO of the Streaming & Studios division, while Gunnar Wiedenfels, currently the CFO, will assume the same position for the Global Networks division. Both executives will maintain their current roles until the separation is complete.

Zaslav emphasized the cultural significance of Warner Bros. Discovery, stating, "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. It’s a treasured legacy we will proudly continue in this next chapter of our celebrated history." He added that the restructuring will empower each company to sharpen its focus and strategic flexibility, enabling them to compete effectively in the current media environment.

According to Wiedenfels, the split is designed to invigorate both companies by allowing them to leverage their unique strengths and financial profiles. He noted, "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."

The decision follows significant shifts in the media industry, particularly since the merger of WarnerMedia and Discovery in 2022, which Zaslav described as an essential move given the rapid evolution of content consumption. He acknowledged the challenges faced during the integration, stating, "While the work since that merger has been challenging at times, ultimately, we have succeeded in strengthening each element of our business."

Analysts and industry experts have mixed opinions regarding the split. According to Dr. Emily Roberts, a media analyst at Columbia University, the separation could enhance the focus of both divisions, potentially leading to better strategic decision-making. Conversely, Dr. Mark Thompson, a professor of media studies at New York University, expressed concerns about the increased fragmentation in the media landscape, suggesting that the move may dilute brand identity and consumer engagement.

In light of these developments, the media landscape is poised for further transformation as companies adapt to changing consumer preferences and technological advancements. The success of Warner Bros. Discovery's split will largely depend on its ability to execute this transition effectively and leverage synergies between the two new entities.

As the industry watches closely, the implications of this restructuring could have far-reaching impacts, not only for Warner Bros. Discovery but for the broader media ecosystem as well. The split heralds a pivotal moment in how content is created, distributed, and consumed, potentially setting a precedent for future corporate strategies in the entertainment sector.