Warner Bros. Discovery is officially splitting into two separate companies, aiming to untangle its faster-growing streaming and studio business from its slower, traditional cable networks.
The first will include HBO, Max, Warner Bros. Studios, and DC essentially, its streaming and entertainment IP business. The second will operate its legacy cable channels, including CNN, TNT Sports, Discovery, TLC, and others.
CEO David Zaslav will lead the streaming and studio company, while current CFO Gunnar Wiedenfels is expected to head the networks business.
The move comes amid ongoing challenges in aligning declining cable revenues with the capital-heavy demands of streaming. The split allows both businesses to operate with more focus, less internal friction, and potentially clearer paths for future deals or restructuring.
Warner Bros. Discovery expects the separation to be completed by mid-2026
