AEW’s broadcast partner, Warner Bros. Discovery, is splitting into separate companies.
The media giant revealed on Monday that it will divide itself into two entities, Streaming & Studios and Global Networks.
From its press release:
Streaming & Studios company will consist of Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, and HBO Max, as well as their legendary film and television libraries. Global Networks 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 (B/R).
Streaming & Studios
With best-in-class creative capabilities and an unmatched library of beloved IP, Streaming & Studios will be one of the world’s greatest storytelling companies. The company will be comprised of Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO and HBO Max (including its international sports offering), Warner Bros. Games, Tours, Retail and Experiences, as well as studio production facilities in Burbank and Leavesden. Streaming & Studios will have dynamic and sustainable revenue, profit and free cash flow growth. The company will focus on continuing to scale HBO Max, which is now in 77 markets with important new market launches planned for 2026, and build on its global momentum, investing in HBO’s world-class programming which differentiates and drives the platform, and prioritizing the operating principles that have put the Studios on a path back to their target of at least $3 billion in annual adjusted EBITDA.
Global Networks
Global Networks will encompass a powerful and preeminent global portfolio of entertainment, sports and news television networks and brands as well as their digital products. Today, these assets reach 1.1 billion unique viewers in 68 languages across 200 countries and territories, while operating with industry-leading margins and robust free cash flow conversion. As a worldwide leader in live television, Global Networks will have the expertise, reach and ongoing financial profile to pursue opportunities such as investing in international growth opportunities, elevating its live content offerings in sports and news, and growing digital extensions of its strong network brands, such as Discovery+, B/R, and CNN’s new streaming offering.
WBD head David Zaslav will serve as president and CEO of Streaming & Studios while CFO Gunther Wiedenfels will hold those roles, overseeing Global Networks.
The separation of the companies will not be completed until the middle of 2026 and requires final approval by WBD’s board of directors. Both divisions are expected to take on portions of WBD’s outstanding debt, with its Global Networks spin-out expected to take on a significantly larger amount.
AEW has been part of WBD since its inception in 2019, and currently airs four hours of original weekly programming across TBS, TNT, and simulcast on HBO Max.
The move is similar to Comcast’s decision to separate its cable outlets from NBC Universal.
