Warner Bros. Discovery to split into two public companies by next year

Warner Bros. Discovery announced plans to split into two public companies by mid-2026: one focusing on streaming and studios, including HBO Max and movie properties, led by CEO David Zaslav; and a global networks company, including CNN and TNT Sports, led by CFO‑turned‑CEO Gunnar Wiedenfels. The move reflects industry shifts as consumers move from cable to streaming, aiming to give each company more strategic focus. This follows similar steps by Comcast to separate traditional pay‑TV networks from streaming. Despite losses in traditional TV, the networks remain profitable and generate cash used to support streaming growth. Discovery acknowledged sports have not significantly driven their streaming platform’s success.