Warner Bros. Discovery plans to split into two public companies by next year, the media giant announced Monday, the latest upheaval in the industry as consumers transition from cable to streaming.
WBD will separate into a streaming and studios company, which will include its movie properties and streaming service HBO Max, and a global networks company, which will include CNN, TNT Sports and Discovery, among other businesses.
CEO David Zaslav will lead the streaming and studios company. Current CFO Gunnar Wiedenfels will become CEO of the global networks business.
Warner Bros. Discovery expects to complete the split by the middle of 2026.
“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 release.
The news confirms earlier reporting by CNBC and others that WBD was considering such a split. In December, the company announced restructuring that many saw as a precursor to a full break.
It also comes as cable giant Comcast is in the process of spinning out its portfolio of cable networks, including CNBC, into a new publicly traded company called Versant. That separation, announced last year, inspired speculation that the media industry could soon see heightened consolidation.
Warner Bros. Discovery shares were halted in extended trading Monday morning.
Disclosure: Comcast is the parent company of CNBC. Versant would be the parent company under the proposed cable spin out.
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