Warner Bros. Discovery to split into two companies
David Zaslav, president and CEO of Warner Bros. Discovery, will assume the role of President and CEO of Streaming & Studios. Gunnar Wiedenfels, the company’s Chief Financial Officer, will become President and CEO of Global Networks. Both executives will continue in their current roles at Warner Bros. Discovery until their transitions are finalized.
HBO Max
Warner Bros. Discovery, the parent company of cable networks including CNN, TBS and TNT, announced Monday that it plans to split into two publicly traded companies. The move will largely separate its traditional television networks from its streaming operations.
In a statement, Warner Bros. Discovery explained that the new Streaming & Studios company will include Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, HBO Max, and its extensive library of iconic film and television content.
Meanwhile, Global Networks will encompass leading television brands in entertainment, sports and news—such as CNN, TNT Sports USA and Discovery—as well as Europe’s top free-to-air channels and digital platforms, including the profitable streaming service Discovery+ and Bleacher Report (B/R).
Company leadership
The company stated that the decision was driven by its achievements over the past three years. It emphasized that the planned separation “will generate shareholder value” and create opportunities for both new companies to thrive independently by:
- Equipping each company to be faster and more aggressive in pursuing opportunities that strengthen their competitive positions.
- Forming world-class management teams focused on creating greater flexibility and strategic focus for each company to invest in and achieve their operational and financial objectives.
- Enabling each company to become more agile and attract a shareholder base aligned with its growth prospects and financial profile.
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