Warner Bros. Discovery to split into two, separating CNN and cable networks from streaming

Warner Bros. Discovery announced the media giant will divide into two new publicly traded companies, with one consisting of its cable networks such as CNN and TNT Sports and the second consisting of its streaming and studios business, including HBO Max and Warner Bros. Television. 

In a statement on Monday, the company said current Warner Bros. Discovery CEO David Zaslav will serve as president and CEO of Streaming & Studios, while Gunnar Wiedenfels, chief financial officer of Warner Bros. Discovery, will lead the cable division, called Global Networks.

The split is expected to be completed by mid-2026, the company said.

Some Wall Street analysts questioned if Warner’s restructuring will succeed in driving growth as the media industry looks to expand its streaming audience and the viewership for broadcast programming shrinks. 

“The issue with the success of this split is the same one plaguing other media companies (including the separation underway at Comcast and the one considered but ultimately aborted at Disney) – the legacy networks businesses have poor top line growth prospects but relatively healthy profitability/cash flow, which means they generate important liquidity but are likely to garner middling valuations as standalone entities,” Adam Crisafulli of investment advisory firm Vital Knowledge said in a note to clients.

—This is breaking news and will be updated.