In a move that feels both belated and inevitable, Warner Bros. Discovery (WBD) has jumped on the American media trend of splitting sprawling conglomerates into leaner, more focused entities.
The company announced it will divide into two distinct businesses — Streaming & Studios and Global Networks—by mid-2026, aiming to unshackle its high-performing assets from the weight of its underperforming ones.
Streaming & Studios: The Crown Jewel
The Streaming & Studios division will house WBD’s most vibrant properties: Warner Bros. Television, Warner Bros. Motion Picture Group, HBO, and the streaming platform Max.
This is where the company’s creative firepower and modern media ambitions will reside, capitalizing on premium content and digital growth. Leading this powerhouse will be David Zaslav, who continues to steer WBD’s flagship operation, as reported by The Hollywood Reporter.
Global Networks: The "Suicide Squad" of Assets
Meanwhile, the Global Networks entity—perhaps uncharitably dubbed the “Suicide Squad” of WBD’s portfolio—will inherit a collection of legacy assets, including traditional TV networks, CNN, and the Discovery+ streaming service. Tasked with managing this less glamorous division is WBD’s Chief Financial Officer, Gunnar Wiedenfels.
While these properties still generate revenue, they face steeper challenges in a rapidly shifting media landscape dominated by streaming and on-demand content.
A Retreat from Empire-Building
The split lays bare the cracks in WBD’s foundation, many of which were cemented during the 2022 merger of Warner Bros. and Discovery. What was once heralded as the birth of a media titan now looks like a misstep, with management struggling to keep the empire intact.
The decision to fracture the company feels like a reluctant admission of defeat — an attempt to salvage value by retreating to more manageable units. For appearances’ sake, WBD has dressed up the move with fresh branding, but the underlying reality is clear: the grand vision of a unified media colossus has crumbled.
This restructuring is less about bold innovation and more about damage control. By separating its thriving streaming and studio operations from its legacy networks, WBD hopes to unlock shareholder value and give investors a clearer view of its strengths.
Yet, the move also highlights the persistent challenges of adapting to a media world where traditional TV is losing ground to digital platforms.
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What’s Next?
As WBD navigates this corporate budding, all eyes will be on Zaslav and Wiedenfels to see if the split delivers the promised clarity and growth.
The Streaming & Studios arm seems poised for success, but Global Networks faces an uphill battle to prove its relevance.
By mid-2026, when the division is complete, we’ll know whether this was a savvy pivot or just another chapter in WBD’s ongoing struggle to find its footing.
For now, the media giant’s attempt to multiply by division is a bittersweet spectacle — a reminder that even the biggest players in Hollywood can’t escape the relentless evolution of the industry.
