A significant corporate overhaul is underway at Warner Bros. Discovery, the media conglomerate partnered with AEW, which on June 9, 2025, revealed a plan to divide its operations into two distinct, publicly traded companies. The move will separate the company’s streaming and studio assets from its traditional television networks to enhance strategic focus.
The restructuring will result in the formation of two new entities. One, “Streaming & Studios,” will house Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, and the HBO Max streaming service. The second company, “Global Networks,” will control premier entertainment and sports properties, including TNT Sports—the home of AEW’s core programming—as well as CNN and the Discovery channels. This places AEW’s broadcast and streaming presence, which was solidified in a multi-platform deal in October 2024, across both new entities, with TBS and TNT falling under Global Networks and simultaneous streaming on HBO Max under Streaming & Studios.
The leadership for the new ventures has been established, with David Zaslav, the current President and CEO of Warner Bros. Discovery, set to helm the Streaming & Studios division. Meanwhile, current CFO Gunnar Wiedenfels will transition to the role of President and CEO for Global Networks. Both executives will remain in their current positions until the separation is finalized, a process targeted for completion by mid-2026. The announcement was met with a positive market reaction, as WBD’s stock saw a premarket surge of over 9%.
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Financial Strategy and Corporate Vision
This strategic separation is designed to provide each new company with the flexibility to navigate the evolving media landscape. Zaslav stated the objective is “empowering these iconic brands with the sharper focus and strategic flexibility they need to compete most effectively.” A significant portion of WBD’s reported $38 billion gross debt will be allocated to the Global Networks entity, a move intended to optimize the financial profiles of both companies.
Wiedenfels noted that at Global Networks, the focus will be on innovation with distribution partners “to create value for both linear and streaming viewers globally while maximizing our network assets and driving free cash flow.” The transaction is planned to be a tax-free event for shareholders.
Samuel A. Di Piazza, Jr., Chair of the WBD Board of Directors, reinforced the decision, stating, “We committed to shareholders to identify the best strategy to realize the full value of our exciting portfolio of assets, and the Board believes this transaction is a great outcome for WBD shareholders.” The move follows a challenging period for the company, which was formed from a $40 billion merger in 2022 and has since faced declining cable advertising revenue and subscriber losses.
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