Warner Bros. Discovery to Split Streaming and Cable into Two Firms

Key Highlights

• Warner Bros. Discovery will split into "Streaming & Studios" and "Global Networks" to sharpen strategic focus by mid‑2026.
• CEO David Zaslav leads streaming/studio unit; CFO Gunnar Wiedenfels heads the cable‑focused Global Networks division.

Warner Bros. Discovery (WBD) has announced that it will split into two separate entities, one focused on its studios and streaming platforms and the other on its declining cable television networks, as part of a major restructuring effort to thrive in the modern streaming landscape.

The decision is yet another chapter in the unraveling of decades of media consolidation, which once combined content creation, distribution, and telecommunications under massive conglomerates. The company stated that the split will allow its streaming business, which includes brands such as HBO and Max, to scale more effectively without being hampered by its shrinking cable portfolio, which includes CNN and other traditional channels.

Following the breakup, CEO David Zaslav will lead the newly formed studios and streaming company, while CFO Gunnar Wiedenfels will oversee the global networks unit.

"By operating as two distinct and optimized companies in the future, we are providing these iconic brands with the sharper focus and strategic flexibility they require to compete most effectively in today's changing media landscape," Zaslav said in a statement.

WBD also announced that it has launched tender offers to restructure its existing debt, which is backed by a $17.5 billion bridge loan from J.P. Morgan. The company stated that the loan will be refinanced before the split is finalised.

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The split, which is structured as a tax-free transaction, is expected to be completed by mid-2026.

As part of the restructuring, the global networks business will retain up to 20% of the new streaming and studios entity, which WBD intends to monetize in the future to help reduce debt.