Media giant Warner Bros. Discovery (WBD) has announced it will be splitting into two publicly-traded companies, in a major development for one of the world's premier broadcasters.
The new Streaming and Studios company will consist of Warner Bros. Television, Warner Bros. Motion Picture Group, as well as DC Studios, HBO, and HBO Max. The Global Networks creation, meanwhile, will "include premier entertainment, sports, and news television brands around the world," including TNT Sports in the US, Discovery, as well as the Discovery+ streaming service.
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The separation of these two entities is expected to be complete by mid-2026, subject to final conditions such as final approval from the WBD board. David Zaslav, president and chief executive of WBD, will take those same roles in Streaming & Studios, while Gunnar Wiedenfels, the company's chief financial officer, will serve as president and chief executive for Global Networks.
Global Networks will hold a stake of up to 20% in Streaming & Studios, which it plans "to monetize in a tax-efficient manner."
WBD has said the restructuring will enable each company to "be more agile" and will also equip each to be "faster and more aggressive."
An initial restructuring plan around separating the WBD business into linear TV and streaming units was unveiled last December.
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By GlobalDataWBD's Eurosport linear service is one of Europe's main sports broadcasters, while it also owns the TNT Sports brand in Latin America, the US, and the UK and Ireland (in the UK and Ireland, it is a 50% venture with BT Group). In addition, both Discovery+ and HBO Max cover a wide range of sports, with HBO Max now available in 77 markets (with other launches planned for 2026).
In mid-May, reports emerged suggesting that BT was considering selling its 50% stake in TNT Sports UK to WBD, with the latter partner reportedly holding an option to take full control that runs until next September.
Zaslav has commented: "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.”
Wiedenfels added: "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.”
In terms of sports rights, late last week, it was announced that WBD will continue to provide live coverage of the Roland-Garros French Open grand slam tennis tournament across Europe until at least 2030, after extending its rights contract.
WBD currently holds a range of rights in Europe covering all four tennis Grand Slams.
