What Occurs to Film, TV, Studios?

Warner Bros. Discovery, because it telegraphed six months in the past, is breaking itself into two chunks.

One firm will likely be “WBD Streaming & Studios,” encompassing Warner Bros. Photos, HBO, Max/HBO Max and extra. The opposite will likely be “WBD International Networks,” residence to CNN, TNT, TBS and extra, largely comprising linear TV companies which have suffered declines in income and profitability. The cut up, in response to WBD chief David Zaslav, will give every firm “sharper focus and strategic flexibility they should compete most successfully in right now’s evolving media panorama” — together with potential M&A choices.

The separation is anticipated to be accomplished by mid-2026. Zaslav will head the streaming and studios firm, with the yet-to-be-named TV firm led by Gunnar Wiedenfels, at present CFO of Warner Bros. Discovery. The vast majority of WBD’s debt, which stood at about $34 billion of internet debt on the finish of the primary quarter of 2025, will likely be assigned to the TV networks spin-off, execs mentioned.

Right here’s a breakdown of what every entity would appear like following the cut up.

WBD Streaming & Studios

Max international streaming service, accessible in 77 markets (quickly to be rebranded again to HBO Max worldwide)
HBO linear channels
TNT Sports activities Worldwide (U.Ok. and Eire)
Warner Bros. Movement Image Group (WBMPG), comprising Warner Bros. Photos, New Line Cinema, and Warner Bros. Photos Animation
DC Studios and DC Comics Publishing
Warner Bros. Tv Group (WBTVG), comprising Warner Bros. Tv (live-action scripted programming), Warner Bros. Unscripted Tv (Warner Horizon Unscripted Tv, Telepictures, Warner Bros. Worldwide Tv Manufacturing, and Shed Media), Warner Bros. Animation, Cartoon Community Studios, and Hanna-Barbera Studios Europe
Warner Bros. Video games
Excursions, retail and experiences together with client merchandise and model licensing
Studio manufacturing services in Burbank and Warner Bros. Studios Leavesden in England

WBD International Networks

U.S. normal and way of life leisure networks together with TNT, TBS, Turner Traditional Films, OWN, HGTV, Meals Community, TLC, Discovery Channel, Animal Planet, Cartoon Community and Grownup Swim
CNN, together with CNN Worldwide and CNN’s forthcoming subscription streaming service
Discovery+ streaming service
TNT Sports activities U.S. together with rights with MLB, NCAA Division I Males’s Basketball Championship, NHL, United States Soccer Federation, Unmatched, Nascar, Roland-Garros, NCAA Huge 12 Soccer and Males’s Basketball, and NCAA Huge East Males’s and Girls’s Basketball
Bleacher Report (B/R) and Home of Highlights (underneath TNT Sports activities)
Eurosport.com, Golf Digest (underneath TNT Sports activities)

Right here’s a slide WBD introduced to traders about what the brand new corporations will appear like post-split: