An Entertainment Giant Is Splitting in Two

The entertainment behemoth Warner Bros. Discovery is splitting itself into two companies—one centered on streaming and the other on its cable networks, reports CNN. The split, set for mid-2026, marks a dramatic pivot just three years after the company's high-profile merger.

• One entity—temporarily called "Streaming & Studios"—will focus on the HBO Max streaming platform and the Warner Bros. movie and TV studios. It will be led by CEO David Zaslav.
• The other, called "Global Networks," will include CNN, TNT, TBS, and dozens of other cable channels, per the Wall Street Journal. It will be run by CFO Gunnar Wiedenfels.

• Warner Bros. Discovery's announcement comes three years after the much-publicized merger of Discovery and the former Time Warner. Since then, the company's stock price has halved, though shares rallied over 10% in premarket trading following the news. The restructuring echoes a similar process at Comcast, which is spinning off its cable assets rather than splitting the company entirely.
• "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," Zaslav said in a statement, per the New York Times.
• The move comes amid ongoing shifts in the entertainment industry, as traditional cable TV continues to lose ground to streaming. By separating, Warner Bros. Discovery is offering investors the chance to bet on HBO Max's growth without being tied to the slower-moving cable networks.