Warner Bros. Discovery (WBD) will split into two separate companies by mid-2026: "WBD Streaming & Studios," encompassing streaming services like Max and film production; and "WBD Global Networks," focusing on linear TV channels such as CNN and TNT. WBD CEO David Zaslav will lead the streaming and studios division, while Gunnar Wiedenfels will head the networks division. The majority of WBD's debt will be assigned to the TV networks entity. This restructuring aims to enhance each company's competitive edge in the evolving media landscape.

Prepared by Emily Rhodes and reviewed by editorial team.