Warner Bros. Discovery has announced that following the breakup of the company, the two entities will be Warner Bros. and Discovery Global.

It was announced earlier this year that Warner Bros. Discovery would be splitting into two independent, publicly traded companies by mid-2026. The move aims to sharpen strategic focus and unlock greater value across its massive portfolio of entertainment, sports, and news brands.

Two Companies, One Goal: Sharper Strategic Focus

The two new entities will be:

• Warner Bros. — Home to Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, HBO Max, and Warner Bros. Games.
• Discovery Global — Encompassing CNN, TNT Sports, Discovery, Discovery+, and top global network brands across more than 200 countries.

According to The Hollywood Reporter, leadership will follow Zaslav’s Warner Bros. including Warner Bros. Motion Picture Group co-CEOs Pam Abdy and Mike De Luca; DC Studios co-CEO’s James Gunn and Peter Safran; HBO and HBO Max CEO Casey Bloys; Warner Bros. TV Group CEO Channing Dungey; COO Bruce Campbell; CEO of streaming and games JB Perrette; CTO Avi Saxena; chief communications officer Robert Gibbs; chief legal officer Priya Aiyar, and chief accounting officer Lori Locke.

"We will proudly continue the more than century-long legacy of Warner Bros. through our commitment to bringing culture-defining stories, characters and entertainment to audiences around the world," Zaslav said in a statement. "Over the past several years, we have made important strides across the business, launching and investing in a profitable, global streaming service and reinvigorating our studios to return them again to an industry leading position. With our unmatched portfolio of storytelling IP coupled with our incredible creative partners, and now an executive team of proven, bold, and committed creative and corporate leaders, we are in a strong position to launch and continue to meaningfully grow a company worthy of our storied past."

Current CFO Gunnar Wiedenfels will transition to CEO of Discovery Global. His team will include CNN CEO Mark Thompson, TNT Sports CEO Luis SIlberwasser; ad sales chiefs Ryan Gould and Bobby Voltaggio; Gerhard Zeiler, president of US, UK & Germany, Discovery+ and Chief Content Officer; CTO David Duvall, president of distribution Scott Miller, CFO Fraser Woodford; chief development officer Anil Jhingan; executive VP of Content Strategy & Insights Fulvia Nicoli; president of international Fernando Medin.

"As we prepare for the launch of Discovery Global, our enthusiasm for the opportunities ahead only grows thanks to our leading portfolio of beloved brands and programming, our worldwide footprint for adults, kids, and families, and now the experienced and talented leadership team who will ensure strong operational execution to drive strategic investments and deliver compelling content to global audiences," Weidenfels added.

WBD is also restructuring its debt portfolio with a $17.5 billion bridge facility from J.P. Morgan to support the transition. Post-split, Global Networks will retain up to a 20% stake in Streaming & Studios to be monetized in a tax-efficient way.

What’s Next for Warner Bros. Discovery?

This separation is designed to help both companies better compete in a rapidly changing media environment. For fans of DC, HBO, CNN, and Discovery, it could lead to more focused content strategies and investments. For investors, the move signals a clear intent to unlock shareholder value by aligning each company's structure with its growth potential.