June 9 (UPI) — Warner Bros. Discovery announced Monday it will separate into two publicly traded companies by sometime in 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,” said the company’s President and CEO David Zaslav in a press release.
Once the separation is complete, Zaslav will serve as President and CEO of Warner Bros. TV and movie group, plus DC Studios, HBO, and HBO Max in what is being called “The Streaming & Studios” company in the statement.
A group to be known as “Global Networks” will include CNN, TNT Sports in the United States and Discovery, as well as Discovery-Plus and Bleacher Report, and will be led by Gunnar Wiedenfels, the current CFO of Warner Bros. Discovery who will serve its President and CEO.
“This separation will invigorate each company by enabling them to leverage their strengths and specific financial profiles,” 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 maximizing our network assets and driving free cash flow.”
The news follows the December 2024 announcement by WBD that it would undertake a restructuring plan to break up its corporate structure into two distinct operating divisions that were to be called “Streaming & Studios” and “Global Linear Networks.”
As of 10:51 a.m. Monday, Warner Bros Discovery shares were up 7.59% on the Nasdaq composite.
