Warner Bros Discovery (WBD) is the process of splitting studios and streaming businesses from legacy television networks and separating them into two separate companies.
The Streaming & Studios company houses Warner Bros. TV, Warner Bros. Motion Picture Group, DC Studios, HBO, and HBO Max, as well as film and television libraries. It also includes WBD production facilities in Burbank and Lifeden, Warner Bros games, tours, retail and experiences.
Meanwhile, global network companies include digital products such as entertainment, sports, news television brands, US TNT Sports, Discovery, free air channels across Europe, profitable discovery+ streaming services and Bleacher Reports.
David Zaslav, president and CEO of Warner Bros. Discovery, will become president and CEO of Streaming & Studios.
Gunnar Wiedenfels, CFO of Warner Bros. Discovery, is to become president and CEO of Global Networks.
Both Zaslav and Widenfels will continue their current roles in WBD until the separation is scheduled to be completed by mid-2026.
WBD, like its studio rivals, is under pressure from Wall Street amidst industry-wide challenges, including advertising weaknesses and code-cutting, as investors look for returns for a costly transition from legacy linear television networks to the streaming world. The stock price has fallen 60% as the merger between Warner Bros. and Discovery was completed in 2022.
WBD laid the foundation for sales or spinoffs of TV assets in December 2024 when it reshaping its corporate structure in the global linear television sector, separate from the streaming and studio sectors.
Among other studios, Comcast also emits most cable television networks such as MSNBC and CNBC.
Zaslav said: “By operating as two differently optimized companies in the future, we are reinforcing these iconic brands the sharp focus and strategic flexibility needed to compete most effectively in today’s evolving media environment.”
“This separation stimulates each company by allowing them to leverage their strengths and specific financial profiles, which will allow them to pursue important investment opportunities and promote shareholder value,” Wiedenfels said.
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