Warner Bros. Discovery To Officially Split Into Two Companies; "Majority" Of Debt To Be Taken Off Movie Studio

Warner Bros. Discovery To Officially Split Into Two Companies; "Majority" Of Debt To Be Taken Off Movie Studio

It’s been announced that Warner Bros. Discovery will be split into two publicly traded companies. Here’s what the move means for DC Studios and HBO.

By DanielKlissmman - Jun 09, 2025 01:06 PM EST
Filed Under: DC Studios
Source: Deadline

There's a massive shift coming for Warner Bros. Discovery, as it's been announced that it will be split into two separate entities. WBD will now exist as two publicly traded companies — one overseen by David Zaslav and the other by WBD Chief Financial Officer Gunnar Wiedenfels.

Zaslav will be President and CEO of one of the companies, known as Streaming & Studios. This new entity will be comprised of DC Studios, HBO Max, HBO, Warner Bros. Motion Picture Group., Warner Bros. Television and Warner Bros. Games. It will also include WBD's full film and TV library. 

Wiedenfels will be President and CEO of the other company, called Global Networks, which, as Warner Bros. Discovery explained in a press release, will, "include premier entertainment, sports and news television brands around the world including CNN, TNT Sports in the U.S., and Discovery, top free-to-air channels across Europe, and digital products such as the profitable Discovery+ streaming service and Bleacher Report." 

While the move was announced today, the split will offically take effect in mid-2026. In the meantime, Zaslav and Wiedenfels will remain in their current roles at the company as CEO and CFO, respectively. 

In a statement, Zaslav said the move would give "sharper focus" to WBD's brands, and a better ability to compete in the entertainment industry: 

"The cultural significance of this great company and the impactful stories it has brought to life for more than a century have touched countless people all over the world. It’s a treasured legacy we will proudly continue in this next chapter of our celebrated history. By operating as two distinct and optimized companies in the future, we are empowering these iconic brands with the sharper focus and strategic flexibility they need to compete most effectively in today's evolving media landscape."

In his statement, Wiedenfels shared the optimism expressed by Zaslav, explaining that the deal would allow both companies to take advantage of their strengths:

"This separation will invigorate each company by enabling them to leverage their strengths and specific financial profiles. This will also allow each company to pursue important investment opportunities and drive shareholder value. At Global Networks, we will focus on further identifying innovative ways to work with distribution partners to create value for both linear and streaming viewers globally while maximizing our network assets and driving free cash flow."

Furthermore, Chair of Warner Bros. Discovery Board of Directors Samuel A. Di Piazza, Jr. stated the company's Board of Directors was enthuastic about the split: "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. This announcement reflects the Board’s ongoing efforts to evaluate and pursue opportunities that enhance shareholder value."

According to Gunnar Wiedenfels (via The Hollywood Reporter), the move will also likely be used to put the "majority" of the company's $37 billion debt into Global Networks. As the CFO explained during a conference call: 

"It's too early to talk about a target capital structure. We haven't made final decisions yet, and you know, there's a lot we need to work through between now and when this deal closes. A couple of things can be said, though. Number one, it's safe to assume that the majority of the debt is going to live with Global Networks and a smaller portion — but a not-insignificant portion — on Streaming & Studios as well.”

From the announcement, nothing looks to change for James Gunn and Peter Safran's DC Studios, which is good news, given how the studio is getting ready to release its first tentpole, Superman, in July, and a slate of new films and TV shows following that, including Peacemaker Season 2, Supergirl, Lanterns and Clayface.

Superman will release in theaters on July 11, 2025.  

What do you think of the move to split Warner Bros. Discovery into two companies? Share your thoughts in the comments.

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AllsGood
AllsGood - 6/9/2025, 1:04 PM
Warner Bros. Discovery to Officially Split into Two Companies; "Majority" Of Debt to Be Taken Off Movie Studio

User Comment Image
ObserverIO
ObserverIO - 6/9/2025, 1:40 PM
@AllsGood - Yeah, lol guess which one's gonna go bust, the one with the sizeable portion of debt or the one with the teeny tiny portion?
Blergh
Blergh - 6/9/2025, 3:03 PM
@ObserverIO - no way the corporate entities WB is in debt to would let that slide, right? If that spin-off company goes kaboom they'll just go back to suing WB.
Anyone with legal knowledge care to explain?

Because if it's that easy to remove debt and essentially steal a creditors money I'm going to take a loan, split my personal estate off my company and have my company go bankrupt lol
PatientXero
PatientXero - 6/9/2025, 1:04 PM
Good thing?
Usernametaken
Usernametaken - 6/9/2025, 1:28 PM
@PatientXero - I'm trying to think of one reason that this is a bad thing.

Haven't found it yet.
JurassicClunge
JurassicClunge - 6/9/2025, 1:04 PM
Merge and split, merge and split just like bobatwats and his left hand 🤡😘🤡
ObserverIO
ObserverIO - 6/9/2025, 1:42 PM
@JurassicClunge - I've genuinely been wondering who you've been talking about this whole time, but the penny just dropped, lol.
JurassicClunge
JurassicClunge - 6/9/2025, 2:27 PM
@ObserverIO - i love him really 😅😩 I'm.sure he hates me 😌
Timerider
Timerider - 6/9/2025, 1:06 PM
They can stop complaining about their finances and budgets now.
AllsGood
AllsGood - 6/9/2025, 1:09 PM
@Timerider - Life or Death. James Gunn's Superman has to be a Huge Box Hit for the DCU to survive.
AwesomePromoz
AwesomePromoz - 6/9/2025, 1:11 PM
@AllsGood - Rubbish.
AllsGood
AllsGood - 6/9/2025, 1:15 PM
@AwesomePromoz - Unfortunately, it's that serious for the DCU.
AllsGood
AllsGood - 6/9/2025, 1:20 PM
@AwesomePromoz - Wilding had this on his list. On why we should go see Superman and F4.
JacobsLadder
JacobsLadder - 6/9/2025, 1:22 PM
@AllsGood - you're probably not wrong.
AwesomePromoz
AwesomePromoz - 6/9/2025, 1:23 PM
@AllsGood - You're talking out of your arsehole.
BeNice123
BeNice123 - 6/9/2025, 1:26 PM
@AllsGood - it will be. 🤞🏽
SonOfAGif
SonOfAGif - 6/9/2025, 1:08 PM
David Zaslav is the problem.
Kadara
Kadara - 6/9/2025, 1:20 PM
@SonOfAGif - I'm pretty sure he's behind the brilliant marketing of HBO Max, to Max, only to change it back!
Blergh
Blergh - 6/9/2025, 3:04 PM
@SonOfAGif - He took an increase to his bonus last year, so certainly he's the problem. I've been saying for years that he planned to sell WB off for parts but it seems his plans were different.
xfan320
xfan320 - 6/9/2025, 1:12 PM
Tax write off?
Timerider
Timerider - 6/9/2025, 1:17 PM
@xfan320 - you mean like Batgirl, yes
Kadara
Kadara - 6/9/2025, 1:19 PM
David Zaslav, after ruining WB and turning CNN into Fox News light, is still somehow employed; the definition of failing upwards.
EskimoJ
EskimoJ - 6/9/2025, 1:27 PM
@Kadara - The real problem is the unqualified customer service agent who got the job based off an agenda.
HistoryofMatt
HistoryofMatt - 6/9/2025, 2:14 PM
@Kadara - If you think CNN is Fox News-lite, I mean... wow. You just told on yourself in the biggest way. 😂
jst5
jst5 - 6/9/2025, 2:30 PM
@HistoryofMatt - Yea that statement was pure gold ....probably read that on Twitter and ran with it though.
Kadara
Kadara - 6/9/2025, 2:33 PM
@HistoryofMatt - They tried to become that at least and that's why their ratings are in the toilet. It literally was was former CEO Chris Licht was trying to accomplish, which is why got rid of outspoken people like Don Lemon, and Chris Cuomo. Have you even watched CNN lately? They are still trying to attract the MAGA base by doing bs both sides and having Trump sycophants like Scott Jennings on for their "inside". Leading them to both sides of the political spectrum.
Kadara
Kadara - 6/9/2025, 2:33 PM
@EskimoJ - LMAO!!! That's not what my reviews say but whatever helps you get through the day 😂
HistoryofMatt
HistoryofMatt - 6/9/2025, 2:42 PM
@Kadara - Again... you're telling on yourself in a big way. I knew exactly who you were referring to in Scott Jennings.

That's the problem with Woke people: The purity demands. There is nothing on CNN approaching anything that they're trying to "attract MAGA." Scott Jennings is the only voice of his kind on the entire network. In 24 hours of programming, he gets a little time, maybe half an hour... MAYBE an hour... out of those 24 hours... on Abby Phillip's terrible show or in split screens on another show to say what he thinks.

It's hilarious that you think that makes CNN "Fox News-lite." Between 30 minutes to an hour of time in 24 hours. 😂
JacobsLadder
JacobsLadder - 6/9/2025, 1:22 PM
"profitable Discovery+ streaming service" - I actually can believe this. The budget of their shows are nothing like what Disney or Prime would spend on something like Andor or Rings of Power. How much can Naked and Afraid or Moonshiners cost to make?
ObserverIO
ObserverIO - 6/9/2025, 1:22 PM
Zaslav: Hey AI, what do we call the company that deals with streaming and studios?

AI: Streaming & Studios.

Zaslav: Brilliant! A human could have never thought of that.
Wahhvacado
Wahhvacado - 6/9/2025, 1:26 PM
User Comment Image
ShimmyShimmyYA
ShimmyShimmyYA - 6/9/2025, 1:42 PM
So the problem gets to continue being the problem nice
THEKENDOMAN
THEKENDOMAN - 6/9/2025, 1:48 PM
I swear to God

Warners bros, is the most unstable [frick]ing company I have ever [frick]ing seen.

i mean these [frick]ers shift gears more times than I change my 11 month son's [frick]ing nappies.

I honestly fear for DC sometimes.

For [frick]s Sake
Zupernova
Zupernova - 6/9/2025, 2:37 PM
@THEKENDOMAN - This doesn't hurt DC. If anything, it will help because their boss won't have their focus split by Discovery+.
Clintthahamster
Clintthahamster - 6/9/2025, 1:49 PM
All I care about is how this impacts AEW's media deal. I'll be waiting eagerly over at the RingReport.com
SATW42
SATW42 - 6/9/2025, 1:52 PM
@Clintthahamster - I detailed what I've heard below.

TL/DR early assumptions are that they are going to fall under the perview of the company assuming the 37 billion dollar debt. I don't care how anyone tries to spin it, that's bad news for AEW
SATW42
SATW42 - 6/9/2025, 1:57 PM
@Clintthahamster - the good news for you is it doesn't really go into effect until 2026, and their current deal is till 2027 which seemingly would be honored unless it's renegotiated.

After 2027, my money goes on AEW looking for a new television partner and in a SIGNIFICANTLY worse bargaining position than they were when they made this deal, unless they do something to drastically improve ratings, this deal has been kind of meh for WB
Clintthahamster
Clintthahamster - 6/9/2025, 2:15 PM
@SATW42 - TBH, their ratings weren't that great when the inked the most recent deal, but I get your point. Regardless of the outcome, I'll follow them wherever they go, and if they fold, I'll follow what's next. Just enjoying living in a golden age of wrestling, with two Big Feds and dozens of indies doing great work.
SATW42
SATW42 - 6/9/2025, 1:51 PM
It looks like AEW is going to fall under Global Networks perview. The company that's taking on the debt...

There's a lot of confusion specifically about that, because in announcing this split, they notably didn't mention them, which could be telling in and of itself.

Tony talks all the time about his relationship with Zaslav, but when this split happens, if they consider it a sport instead of entertainment and it falls under Global Networks umbrella and not Zaslavs, I have to imaging they are looking for a new tv deal in 2027 because that 37 billion dollar debt has to come from somewhere.
DocSpock
DocSpock - 6/9/2025, 2:05 PM

I’m sick of all this behind the scenes stuff from the Hollywood d!ckheads.

Just show me some good movies.

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