Warner Bros. Discovery (WBD) announced plans to split into two publicly traded companies by mid-2026, aiming to sharpen its focus on streaming and revitalize its business strategy.
The first entity, “Studio & Streaming Co.”, will include HBO, Max, Warner Bros. Pictures, and DC Studios. CEO David Zaslav will lead this group, which is expected to drive growth in global streaming and original content production. The second entity, “Networks Co.”, will house traditional cable assets like CNN, TNT, Discovery, and HGTV. It will also take on the bulk of WBD’s estimated $34–38 billion debt and retain a 20% stake in the streaming unit.
WBD says the split will simplify operations, improve shareholder value, and allow both businesses to better compete in their respective markets. The restructuring follows a steep stock decline since WBD’s 2022 merger and mirrors a broader industry trend of separating legacy media from digital ventures. The deal is expected to close in 2026, pending regulatory and shareholder approval. | via Dann Miranda | Photo via Warner Bros.
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