Warner Bros. Discovery Splits in Two: Studio and Streaming to Operate Under Warner Bros.

Discovery Global to house legacy networks and debt; India’s marketers eye new digital content opportunities

by Team PITCH
July 29, 2025

Warner Bros. Discovery is splitting into two. The company has announced that by mid-2026, it will separate into two publicly traded entities: one will house the studio and streaming business under the Warner Bros. name, while the other, Discovery Global, will carry its traditional cable networks, sports, and news assets including CNN, TNT Sports and Discovery+.

This split essentially unravels the 2022 mega-merger, which had combined WarnerMedia and Discovery into a single content behemoth. But with audiences continuing to shift away from linear TV and cable bundles, the logic has changed. Now, the idea is to give the more agile, high-growth studio business its own wingspan, while ringfencing the slower-growth, debt-heavy legacy networks.

For India’s marketers and media players, this is more than corporate reorganisation. The streaming-first Warner Bros. will retain HBO, Max, DC Studios, and its vast film and TV library, all of which offer rich storytelling and branded entertainment potential. Branded IP partnerships, native content integrations, and international expansion of Max could open up fresh marketing avenues in India’s OTT-driven ecosystem.

Discovery Global, on the other hand, takes on the legacy businesses that have struggled to maintain viewership and ad revenue. It will also inherit most of the company’s debt, giving Warner Bros. more breathing room to focus on digital growth.

David Zaslav will continue to lead Warner Bros., while current CFO Gunnar Wiedenfels is expected to helm Discovery Global. The move follows a trend of media conglomerates disentangling streaming and traditional assets to unlock value, as seen with Comcast and Lionsgate.

For brand strategists and agency heads in India, the signal is clear: content and IP are getting cleaner, more digital, and more accessible. As the split moves toward completion in 2026, expect more clarity on partnership models, content licensing, and ad buying across the Warner portfolio.