business
In June 2025, the media giant behind CNN, HBO, and Warner Bros. announced it would break itself in two, separating streaming and studios from cable news and networks.
Warner Bros. Discovery announced the corporate split, saying on June 9, 2025 that it would separate into two publicly traded companies: a Streaming & Studios business built around HBO Max and Warner Bros., and a Global Networks business holding CNN, TNT Sports, and Discovery's cable channels.
Comcast/NBCUniversal and Paramount Global are separate media conglomerates entirely, each with their own businesses and strategies, and neither one announced this particular split; the deal belongs specifically to Warner Bros. Discovery.
The split was structured as tax-free, aimed at giving the fast-growing streaming arm room to compete on its own while letting the shrinking cable-TV business be managed separately, reflecting a broader shift happening across the media industry as streaming increasingly overtakes traditional cable.
business
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