Warner Bros to get studio business after split, Discovery to house news, sports brands

Warner Bros will house the crown jewels of WBD's entertainment library, including Warner Bros and DC Studios as well as the HBO Max streaming service, the company said in a statement.

The global networks division will include its cable networks, CNN and TNT Sports as well as the Discovery+ streaming service, which will be called Discovery Global.

The split, which would create two publicly traded companies, was announced in June and is expected to be completed by mid-2026.It demerges WarnerMedia and Discovery, with an aim to grow the streaming and studios business without the drag of the declining networks unit.

Like other entertainment companies, WBD is struggling with declining ratings and revenue at its cable networks. Consumers have been dropping pay-television subscriptions in favor of streaming services.

The breakup is the latest unraveling of decades of media consolidation that created global conglomerates spanning content creation, distribution and in some cases, telecommunications.

Comcast (CMCSA.O) is spinning off most of its NBCUniversal cable networks portfolio into a separate company, Versant. Lionsgate Entertainment (LION.N) completed the separation of its Starz cable network from its film and television studio in May.