Warner Bros Discovery splits: streaming vs global networks by 2026

Warner Bros. Discovery’s announcement that it will split into two independent, publicly traded companies by mid-2026 marks the potential end of decades of media consolidation , which has given rise to sprawling global conglomerates spanning film, streaming and television.

The Streaming and Studios company will include Warner Bros. Television, Motion Pictures, DC Studios, HBO, HBO Max, Games and related experiences, while Global Networks will include CNN, TNT Sports in the U.S. and Discovery, the leading free-to-air channels in Europe, and digital products such as the Discovery+ streaming service and Bleacher Report.

Warner Bros. Discovery’s strategic shakeup will give its new streaming-focused company more room to grow, producing high-quality content, free from the burden of its struggling cable business .

“ By operating as two distinct, streamlined companies going forward, we will give these iconic brands the greater focus and strategic flexibility they need to compete more effectively in today’s evolving media landscape ,” CEO David Zaslav wrote in a statement.

Bloomberg noted that “Warner Bros. recently completed a two-division restructuring to capitalize on consumers’ shift from traditional pay-TV to new online options,” adding that “ U.S. media groups have struggled to improve their profitability in the face of a costly streaming war against Netflix .”

DC Comics, which includes the Joker, will also be part of the split.

Last month, Comcast followed a similar path to Warner Bros., splitting NBCUniversal into two divisions: Versant, which will house cable networks like MSNBC and USA, and a separate unit that will own the NBC television network, the Peacock streaming service and the Universal Studios theme parks. But this goes further, potentially splitting ownership as well. The two companies

Warner Bros. said it has launched tender offers to restructure its existing debt, funded by a $17.5 billion bridge facility provided by JP Morgan.

Further details on the reasons for the split:

• Improve strategic agility and operational focus.
• Align each business with investors based on distinct growth and financial profiles.
• Unlock shareholder value through tailored investment strategies and capital allocation.
• Global Networks will retain up to a 20% stake in Streaming & Studios, which will be monetized at a later date to reduce debt.

The split should be completed by mid-2026. After that, we will have a company that aims at streaming, and one that aims at cable management. We will see which of the two alternatives will be the best. One thing is certain: Dicovery, which has invested heavily in Italy, will have much less support.

The article Warner Bros. Discovery splits: streaming vs global networks by 2026 comes from Scenari Economici .

This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/warner-bros-discovery-split-2026/ on Mon, 09 Jun 2025 15:09:38 +0000.