Warner Bros. Discovery announced in June 2025 that it planned to separate its studios and streaming operations from its global television networks—but it never completed that split. Instead, WBD pursued a sale of the company, and the Associated Press reported that Paramount had closed its takeover on October 7, 2026. The proposed Warner Bros. and Discovery Global companies did not become independent businesses.
What WBD proposed in June 2025
Warner Bros. Discovery said on June 9, 2025, that it intended to divide into two publicly traded companies. It described the goal as giving each business sharper strategic focus and more flexibility to pursue opportunities and its own operational and financial objectives. CEO David Zaslav framed the proposal as a way to help the businesses compete in a changing media landscape; that was the company’s rationale, not a demonstrated result of a completed separation. WBD’s announcement
Which businesses were meant to go where?
| Planned company | Assets described in the proposal |
|---|---|
| Streaming & Studios, later called Warner Bros. | Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, HBO Max, Warner Bros. Games, tours, retail, experiences, and production facilities in Burbank and Leavesden. |
| Global Networks, later called Discovery Global | Global entertainment, sports, and news television brands and digital products. The announcement cited Discovery+, Bleacher Report, and a CNN streaming offering; a later SEC proxy description also named CNN, U.S. TNT Sports, Discovery, and European free-to-air channels. |
The division was intended to separate the studios and streaming businesses from a portfolio centered on television networks and associated digital offerings. It was a proposed allocation, not the record of assets transferred into two operating public companies. WBD’s announcement WBD’s 2026 proxy statement
What the proposed terms and timeline were
WBD expected the separation to be completed by mid-2026 and designed to be tax-free for U.S. federal income tax purposes. The company said completion would depend on, among other things, final board approval, tax opinions and/or an IRS private letter ruling, and market conditions. Those were conditions and expectations attached to the plan, not events that occurred. WBD’s announcement
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WBD also said Global Networks would hold up to a 20% retained stake in Streaming & Studios, with plans to monetize it in a tax-efficient manner. The announcement described a $17.5 billion committed bridge facility from J.P. Morgan connected with tender offers and debt actions, which WBD expected to refinance before the separation. Because the separation was not completed, these announced financing terms should not be read as the final financing of two independent companies.
For scale, WBD reported that Global Networks reached 1.1 billion unique viewers across 68 languages and 200 countries and territories in 2025. That was the company’s own reported figure, not an independent measurement. WBD’s announcement
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Why the split did not happen
WBD’s 2026 proxy statement says its board began evaluating broad strategic alternatives in October 2025, including a transaction involving the whole company or separate businesses. On February 27, 2026, WBD entered into a merger agreement with Paramount Skydance Corporation. Shareholders approved the agreement on April 23, 2026. The proxy states that the planned separation was not completed. WBD’s 2026 proxy statement
The Associated Press reported on October 7, 2026, that Skydance-owned Paramount had closed its takeover of WBD. The 2025 split plan was therefore superseded: Warner Bros. and Discovery Global did not emerge as separate public companies. Associated Press report on the takeover closing
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- Superior Construction and Performance: Featuring an internal printed circuit board and nickel-plated zinc die-cast housing, this splitter delivers improved return loss, insertion loss, and port-to-port isolation, resulting in a stronger, cleaner signal with enhanced protection against outside signal interference. Compatible with RG6 and RG59 splitter cables, guaranteeing top-notch signal transmission.
- Power-Pass Enabled Ports: All ports on the 2.6 GHz splitters are power-pass enabled, allowing seamless transmission of power from the satellite set-top box to the satellite dish or multiswitch, ensuring uninterrupted service.All ports are power-pass: :Max Pass Current:15V DC * 0.5A ; 30V AC * 1A
- Wide Bandwidth Coverage: With an extended frequency range of 10 MHz to 2.6GHz, our antenna splitter delivers pristine audio and video quality, allowing you to enjoy your favorite entertainment without interruptions or distortions.
- Easy Installation: Featuring a solid, sealed body for improved EMI/RFI performance and machine-formed threads on the F ports for smooth connector mating, our splitters include a grounding screw port for attaching ground wires and two user-accessible mounting holes, ensuring hassle-free installation.
What the takeover means for HBO Max and cable networks
The proposed split would have placed HBO and HBO Max with Streaming & Studios, while Global Networks would have held television, sports, news, and related digital assets. That planned allocation no longer describes the corporate outcome after the takeover. AP reported that Paramount+ and HBO Max were under the same corporate umbrella and that the company planned to unify its streaming products over time. At the time of AP’s report, the future service name, consumer cost, and choices for subscribers remained unknown; those details should not be treated as settled. Associated Press report on the takeover closing
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- Superior Construction and Performance: Featuring an internal printed circuit board and nickel-plated zinc die-cast housing, this splitter delivers improved return loss, insertion loss, and port-to-port isolation, resulting in a stronger, cleaner signal with enhanced protection against outside signal interference. Compatible with RG6 and RG59 splitter cables, guaranteeing top-notch signal transmission.
- Power-Pass Enabled Ports: All ports on the 2.6 GHz splitters are power-pass enabled, allowing seamless transmission of power from the satellite set-top box to the satellite dish or multiswitch, ensuring uninterrupted service.All ports are power-pass: :Max Pass Current:15V DC * 0.5A ; 30V AC * 1A
- Wide Bandwidth Coverage: With an extended frequency range of 10 MHz to 2.6GHz, our antenna splitter delivers pristine audio and video quality, allowing you to enjoy your favorite entertainment without interruptions or distortions.
- Easy Installation: Featuring a solid, sealed body for improved EMI/RFI performance and machine-formed threads on the F ports for smooth connector mating, our splitters include a grounding screw port for attaching ground wires and two user-accessible mounting holes, ensuring hassle-free installation.
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