Warner Bros to split into streaming and cable

As traditional cable TV continues to decline under the weight of cord-cutting, Warner Bros. Discovery (WBD) is taking a bold step to future-proof its business. The company announced plans to split into two publicly traded entities, a move aimed at maximizing the growth potential of both its streaming and legacy cable operations.

The two new divisions will be:

• Streaming & Studios: This unit will house Warner Bros. Television, the Motion Picture Group, DC Studios, HBO, and HBO Max. The focus here will be on producing high-quality content for streaming and theatrical release.
• Global Networks: This segment will include cable-based assets such as CNN, TNT Sports (U.S.), Discovery, and Bleacher Report—brands more rooted in the traditional TV model.

Notably, Discovery+ will remain outside the Streaming & Studios division, a signal that WBD may be pulling focus from it in favor of HBO Max, which recently restored its iconic “HBO” branding to reinforce its commitment to prestige programming.

This corporate restructuring follows a broader trend in the media industry, as companies adapt to a fast-changing digital landscape. Last year, Comcast moved in a similar direction by spinning off NBCUniversal’s cable channels to focus more on streaming and digital initiatives.

The split underscores the diverging trajectories of cable and streaming: cable is shrinking, while streaming continues to grow but demands heavy investment and a laser focus on content and platform strategy. By separating these operations, WBD hopes to give each division the independence to scale effectively and meet the distinct demands of their markets.