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Warner Bros. Discovery (WBD) is splitting into two separate companies: Streaming & Studios, led by CEO David Zaslav, and Global Networks, headed by CFO Gunnar Wiedenfels. The split aims to improve strategic flexibility and competitiveness in the evolving media landscape. Zaslav's division will encompass Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, and HBO Max. Global Networks will include CNN, TNT Sports, Discovery channels, and Discovery+. The separation intends to be tax-free for U.S. federal income tax purposes.

Prepared by Christopher Adams and reviewed by editorial team.