Variety; Warner Bros. Discovery Split: What Will Happen to the Movie Studios, HBO Max, Cable Networks and Other Businesses?

Story from Variety:

Warner Bros. Discovery, as it telegraphed six months ago, is breaking itself into two chunks.

One company will be “Warner Bros. Discovery Streaming & Studios,” encompassing Warner Bros. Pictures, HBO, Max/HBO Max and more. The other will be “Warner Bros. Discovery Global Networks,” home to CNN, TNT, TBS and more, largely comprising linear TV businesses that have suffered declines in revenue and profitability. The split, according to Warner Bros. Discovery chief David Zaslav, will give each company “sharper focus and strategic flexibility they need to compete most effectively in today’s evolving media landscape” — including potential M&A scenarios.

The separation is expected to be completed by mid-2026. Zaslav will head the streaming and studios company, with the yet-to-be-named TV company led by Gunnar Wiedenfels, currently CFO of Warner Bros. Discovery. The majority of Warner Bros. Discovery’s debt, which stood at about $34 billion of net debt at the end of the first quarter of 2025, will be assigned to the TV networks spin-off, execs said.

Here’s a breakdown of what each entity would look like following the split.

Warner Bros. Discovery Streaming & Studios:

• Max global streaming service, available in 77 markets (soon to be rebranded back to HBO Max worldwide)
• HBO linear channels
• TNT Sports International (U.K. and Ireland)
• Warner Bros. Motion Picture Group (WBMPG), comprising Warner Bros. Pictures, New Line Cinema, and Warner Bros. Pictures Animation
• DC Studios and DC Comics Publishing
• Warner Bros. Television Group (WBTVG), comprising Warner Bros. Television (live-action scripted programming), Warner Bros. Unscripted Television (Warner Horizon Unscripted Television, Telepictures, Warner Bros. International Television Production, and Shed Media), Warner Bros. Animation, Cartoon Network Studios, and Hanna-Barbera Studios Europe
• Warner Bros. Games
• Tours, retail and experiences including consumer products and brand licensing
• Studio production facilities in Burbank and Warner Bros. Studios Leavesden in England

Warner Bros. Discovery Global Networks:

• U.S. general and lifestyle entertainment networks including TNT, TBS, Turner Classic Movies, OWN, HGTV, Food Network, TLC, Discovery Channel, Animal Planet, Cartoon Network and Adult Swim
• CNN, including CNN International and CNN’s forthcoming subscription streaming service
• Discovery+ streaming service
• TNT Sports U.S. including rights with MLB, NCAA Division I Men’s Basketball Championship, NHL, United States Soccer Federation, Unrivaled, Nascar, Roland-Garros, NCAA Big 12 Football and Men’s Basketball, and NCAA Big East Men’s and Women’s Basketball -Bleacher Report (B/R) and House of Highlights (under TNT Sports)
• Eurosport.com, Golf Digest (under TNT Sports)