Warner Bros. Discovery To Implement New Corporate Structure, Separating Cable Channels From Streaming, Studios

The goal is enhanced flexibility and increased ability to create opportunities

Warner Bros. Discovery today announced that its board of directors has authorized the company to implement a new corporate structure designed to enhance its strategic flexibility and create potential opportunities to unlock additional shareholder value. Under this new corporate structure, Warner Bros. Discovery will serve as parent company for two distinct operating divisions: Global Linear Networks and Streaming & Studios.

Global Linear Networks will be a premier linear-television business operating some of the company’s most renowned networks: CNN, TBS, TNT, HGTV, Food Network. The Streaming & Studios unit will house Warner Bros. Discovery’s film studios and Max streaming platform.

Warner Bros. Discovery expects the new structure to enhance clarity and focus, with each division positioned to deliver on specific strategic and operational objectives while executing on initiatives to further key priorities for the consolidated company. Global Linear Networks will focus on maximizing profitability and free cash flow to continue deleveraging; Streaming & Studios will emphasize driving growth and strong returns on increasing invested capital. The new structure will also increase optionality to pursue value-creation opportunities for both divisions in an evolving media landscape.

“Since the combination that created Warner Bros. Discovery,” says Warner Bros. Discovery President/CEO David Zaslav, “we have transformed our business and improved our financial position while providing world-class entertainment to global audiences. We continue to prioritize ensuring our Global Linear Networks business is well-positioned to continue to drive free cash flow, while our Streaming & Studios business focuses on driving growth by telling the world’s most compelling stories. Our new corporate structure better aligns our organization and enhances our flexibility with potential future strategic opportunities across an evolving media landscape, help us build on our momentum, and create opportunities as we evaluate all avenues to deliver significant shareholder value.”

Warner Bros. Discovery expects to start the foundational steps immediately and to complete the implementation of the new corporate structure by mid 2025.