Warner Bros. Discovery will split into two separate companies as legacy media grapples with mounting debt, shifting audiences, and industry-wide disruption.

The company will split into two separate public companies by the middle of next year. One company, Streaming & Studios, will include the Warner Bros. movie and TV studios along with the recently rebranded HBO Max streaming service, while Global Networks will be made up of WBD's cable channels like TNT, CNN, and the Discovery+ streaming service.

Warner Bros. Discovery (NASDAQ:WBD) finally announced Monday it would formally split into two publicly traded companies by mid-2026: WBD Streaming & Studios and WBD Global Networks This seismic restructuring aims to untangle WBD’s diverse assets by separating its high-growth streaming and studio operations from its declining cable networks.