Warner Bros. Discovery Announces Post-Separation Company Names and Leadership Appointments

Rhea-AI Summary

Warner Bros. Discovery (NASDAQ: WBD) has announced its corporate restructuring plans, splitting into two separate companies by mid-2026. The "Streaming & Studios" division will be named Warner Bros., encompassing Warner Bros. Television, Motion Picture Group, DC Studios, HBO, HBO Max, and Gaming Studios. The "Global Networks" division will become Discovery Global, managing brands like CNN, TNT Sports, Discovery, and Discovery+ streaming service.

David Zaslav, current WBD CEO, will lead Warner Bros. as President and CEO, while Gunnar Wiedenfels, current WBD CFO, will serve as President and CEO of Discovery Global. The companies have announced comprehensive leadership teams and are currently searching for additional key executive positions including CFO and Chief People & Culture Officer at Warner Bros.

Positive

• None.

Negative

• Potential risks in separation execution and timing
• Additional costs and complexity associated with the separation process
• Uncertainty regarding final terms and conditions of the separation
• Possible disruption to ongoing business operations during transition

Insights

Media Industry Analyst

WBD's split into Warner Bros. and Discovery Global represents a strategic unbundling of streaming/studios from networks with distinct leadership teams.

Warner Bros. Discovery's announcement to separate into two distinct entities by mid-2026 represents a significant strategic pivot in the media landscape. The company is effectively unbundling its premium content creation and streaming operations from its traditional television networks business – a move that acknowledges the fundamentally different business models, growth trajectories, and capital requirements of these segments.

The Warner Bros. entity will house the crown jewels of the creative portfolio – Warner Bros. Television, Motion Picture Group, DC Studios, HBO, HBO Max and Gaming Studios. This consolidation creates a focused content and streaming powerhouse with significant IP assets and creative talent. Keeping the Warner Bros. name preserves a century of brand equity while positioning the company as a pure-play competitor to Netflix and Disney's entertainment division.

Meanwhile, Discovery Global will maintain the traditional television networks business with valuable assets like CNN, TNT Sports, and Discovery's international channels reaching 1.1 billion unique viewers across 200 countries. This entity maintains steady cash flow businesses while facing the secular challenges of the traditional TV ecosystem.

The leadership appointments reveal a strategic allocation of talent. Zaslav leading Warner Bros. signals the company's belief that the streaming and content creation business represents the higher-growth opportunity requiring the CEO's attention. Wiedenfels moving from CFO to CEO of Discovery Global suggests a focus on operational efficiency and financial discipline for the networks business.

This separation allows each business to pursue strategies tailored to their market position without competing internally for capital. Investors will gain clearer visibility into performance metrics appropriate for each business model, potentially unlocking shareholder value by allowing market valuation based on relevant industry comparables rather than as a conglomerate.

"Streaming & Studios" Company will be Warner Bros.; "Global Networks" Company will be Discovery Global

NEW YORK, July 28, 2025 /PRNewswire/ -- Warner Bros. Discovery (NASDAQ: WBD) today announced corporate names and senior leadership appointments for when the company separates in mid-2026. "Streaming & Studios," which will be home to Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, HBO Max and Warner Bros. Gaming Studios, as well as their legendary film and television libraries, will be called Warner Bros., honoring the legacy of more than a century of industry-defining storytelling. "Global Networks," which will include premier entertainment, sports and news television brands around the world including CNN, TNT Sports in the U.S., Discovery, and top free-to-air channels across Europe as well as digital products such as the Discovery+ streaming service and Bleacher Report (B/R), will be called Discovery Global, in recognition of the affinity and value this name has around the world in entertainment, news and sports. The properties of Discovery Global deliver content to 1.1 billion unique viewers in 68 local languages across 200 countries and territories.

The leadership team at Warner Bros. includes David Zaslav, currently President and CEO of Warner Bros. Discovery, who will serve as President and CEO, as well as:

• Pam Abdy, Co-Chair and CEO Warner Bros. Motion Picture Group
• Priya Aiyar, Chief Legal Officer
• Casey Bloys, Chairman and CEO, HBO and HBO Max
• Bruce Campbell, Chief Operating Officer
• Mike De Luca, Co-Chair & CEO, Warner Bros. Motion Picture Group
• Channing Dungey, Chairman & CEO, Warner Bros. TV Group
• Robert Gibbs, Chief Communications & Public Affairs Officer
• James Gunn, Co-Chairman and CEO, DC Studios
• Lori Locke, Chief Accounting Officer (reporting to the Chief Financial Officer)
• JB Perrette, CEO & President of Streaming and Games
• Peter Safran, Co-Chairman and CEO, DC Studios
• Avi Saxena, Chief Technology Officer (reporting to Perrette)

"We will proudly continue the more than century-long legacy of Warner Bros. through our commitment to bringing culture-defining stories, characters and entertainment to audiences around the world," said Zaslav. "Over the past several years, we have made important strides across the business, launching and investing in a profitable, global streaming service and reinvigorating our studios to return them again to an industry leading position. With our unmatched portfolio of storytelling IP coupled with our incredible creative partners, and now an executive team of proven, bold, and committed creative and corporate leaders, we are in a strong position to launch and continue to meaningfully grow a company worthy of our storied past."

The leadership team at Discovery Global includes Gunnar Wiedenfels, currently CFO of Warner Bros. Discovery, who will serve as President and CEO, as well as:

• David Duvall, Chief Technology Officer
• Amy Girdwood, Chief People & Culture Officer
• Ryan Gould, President, US Ad Sales GTM (reporting to Zeiler)
• Anil Jhingan, Chief Development Officer
• Kasia Kieli, President and MD, Poland and CEO, TVN
• Fernando Medin, President, International
• Scott Miller, President, Distribution (reporting to Zeiler)
• Fulvia Nicoli, Executive Vice President, Content Strategy & Insights (reporting to Zeiler)
• Brian Rauch, Chief Accounting Officer (reporting to Woodford)
• Luis Silberwasser, Chairman and CEO, TNT Sports
• Mark Thompson, Chairman and CEO, CNN Worldwide
• Sue Underwald, Chief Legal Officer
• Bobby Voltaggio, President, US Ad Sales Platform Monetization (reporting to Zeiler)
• Fraser Woodford, Chief Financial Officer
• Gerhard Zeiler, President, US, UK & Germany, Discovery+ and Chief Content Officer

Wiedenfels commented: "As we prepare for the launch of Discovery Global, our enthusiasm for the opportunities ahead only grows thanks to our leading portfolio of beloved brands and programming, our worldwide footprint for adults, kids, and families, and now the experienced and talented leadership team who will ensure strong operational execution to drive strategic investments and deliver compelling content to global audiences."

Warner Bros. has begun searches for both the Chief Financial Officer and Chief People & Culture Officer roles, while Discovery Global is looking to hire a Chief Communications & Public Affairs Officer.

Biographies of Select Discovery Global Executives:

• Anil Jhingan (Chief Development Officer) – Mr. Jhingan is currently Chief Development Officer, International for WBD, leading strategic growth and expansion opportunities across Europe, the Middle East, Africa, Asia, the Pacific and Latin America. He joined Discovery in 2019 as EVP Corporate Development, EMEA & APAC, and has over 25 years of media, entertainment and sports experience.
   
• Kasia Kieli (President and MD, Poland and CEO, TVN) – Ms. Kieli currently serves as President & MD of Warner Bros. Discovery in Poland and CEO of TVN, which holds a leading position in the Polish media market, regularly reaching nearly 17 million viewers daily, and garnering a monthly audience of over 30 million. Earlier, she was Discovery's President & Managing Director of EMEA, where she oversaw business development in 140 markets.
   
• Fernando Medin (President, International) – Mr. Medin currently serves as President and Managing Director of Warner Bros. Discovery Latin America and U.S. Hispanic, a division of WBD. He has spent 23 years in senior roles at the company. Earlier, Mr. Medin worked at the law firm Vinson & Elkins where he focused on mergers and acquisitions in the media space.
   
• Sue Underwald (Chief Legal Officer) – Ms. Underwald currently serves as WBD's Executive Vice President of Legal for Streaming, Games, Technology, Privacy and Business Operations, where she leads a global legal team. Earlier, she was a Partner at Dow Lohnes, PLLC, in Washington, D.C., in the firm's Media & Information Technologies Practice where she represented major entertainment and media companies in a wide range of corporate transactions.
   
• Fraser Woodford (Chief Financial Officer) – Mr. Woodford currently serves as WBD's Executive Vice President of Treasury, Investments, and Real Estate, where he oversees the global treasury function including treasury operations, capital structure and financing, financial risk management, global liquidity, and free cash flow optimization. Previously, he spent a decade in Investment Banking.

About Warner Bros. Discovery:
Warner Bros. Discovery is a leading global media and entertainment company that creates and distributes the world's most differentiated and complete portfolio of branded content across television, film, streaming and gaming. Warner Bros. Discovery inspires, informs and entertains audiences worldwide through its iconic brands and products including: Discovery Channel, HBO Max, discovery+, CNN, DC, TNT Sports, Eurosport, HBO, HGTV, Food Network, OWN, Investigation Discovery, TLC, Magnolia Network, TNT, TBS, truTV, Travel Channel, Animal Planet, Science Channel, Warner Bros. Motion Picture Group, Warner Bros. Television Group, Warner Bros. Pictures Animation, Warner Bros. Games, New Line Cinema, Cartoon Network, Adult Swim, Turner Classic Movies, Discovery en Español, Hogar de HGTV and others. For more information, please visit www.wbd.com. 

Forward Looking Statements:
Information set forth in this communication constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding the Company's expectations, beliefs, intentions or strategies regarding the future, and can be identified by forward-looking words such as "anticipate," "believe," "could," "continue," "estimate," "expect," "intend," "may," "should," "will" and "would" or similar words. These forward-looking statements are based on current expectations, forecasts, and assumptions that involve risks and uncertainties and on information available to Warner Bros. Discovery as of the date hereof.

Forward-looking statements include, without limitation, statements about the benefits of the separation, including future financial and operating results, the future company plans, objectives, expectations and intentions, and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of WBD's management and are subject to significant risks and uncertainties outside of our control. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the following: the occurrence of any event, change or other circumstances that could give rise to the abandonment of the separation or pursuit of a different structure; risks that any of the conditions to the separation may not be satisfied in a timely manner; risks that the anticipated tax treatment of the proposed separation is not obtained; risks related to potential litigation brought in connection with the separation; uncertainties as to the timing of the separation; risks and costs related to the separation, including risks relating to changes to the configuration of WBD's existing businesses; the risk that implementing the separation may be more difficult, time consuming or costly than expected; risks related to financial community and rating agency perceptions of WBD and its business, operations, financial condition and the industry in which it operates; risks related to disruption of management time from ongoing business operations due to the separation; failure to realize the benefits expected from the separation; the final terms and conditions of the separation, including the terms of any ongoing commercial agreements and arrangements, and the relationship between Warner Bros. and Discovery Global following the separation; the nature and amount of any indebtedness incurred by Warner Bros. or Discovery Global; effects of the announcement, pendency or completion of the separation on the ability of WBD to retain and hire key personnel and maintain relationships with its suppliers, and on its operating results and businesses generally; risks related to the potential impact of general economic, political and market factors on WBD as it implements separation; and risks related to obtaining permanent financing.

WBD's actual results could differ materially from those stated or implied, due to risks and uncertainties associated with its business, which include the risks related to the separation. Discussions of additional risks and uncertainties are contained in WBD's filings with the Securities and Exchange Commission, including but not limited to WBD's most recent Annual Report on Form 10-K and reports on Form 10-Q and Form 8-K. WBD is not under any obligation, and expressly disclaims any obligation, to update, alter, or otherwise revise any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events, or otherwise. Persons reading this communication are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof.

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SOURCE Warner Bros. Discovery, Inc.

FAQ

When will Warner Bros. Discovery (WBD) complete its separation into two companies?

The separation is expected to complete in mid-2026, splitting WBD into Warner Bros. and Discovery Global.

Who will be the CEO of Warner Bros. after the WBD separation?

David Zaslav, current President and CEO of Warner Bros. Discovery, will serve as President and CEO of Warner Bros.

What brands will be part of the new Warner Bros. company?

Warner Bros. will include Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, HBO Max, and Warner Bros. Gaming Studios.

What assets will Discovery Global control after the WBD split?

Discovery Global will control CNN, TNT Sports, Discovery, Discovery+ streaming service, Bleacher Report, and various free-to-air channels across Europe, reaching 1.1 billion viewers globally.

Who will lead Discovery Global after the separation from WBD?

Gunnar Wiedenfels, currently CFO of Warner Bros. Discovery, will serve as President and CEO of Discovery Global.