Warner Bros. Discovery has announced a strategic plan to separate into two distinct, publicly traded companies: "Streaming & Studios" and "Global Networks." This tax-free transaction aims to enhance strategic focus, flexibility, and shareholder value for each entity.The "Streaming & Studios" company will encompass a robust portfolio of iconic brands, including Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, and HBO Max, along with their extensive film and television libraries. David Zaslav, current President and CEO of Warner Bros. Discovery, will lead Streaming & Studios as its President and CEO. This new entity will prioritize scaling HBO Max globally, investing in world-class programming, and achieving a target of at least $3 billion in annual adjusted EBITDA for its studios.The "Global Networks" company will feature premier entertainment, sports, and news television brands worldwide, such as CNN, TNT Sports in the U.S., Discovery, top free-to-air channels across Europe, and digital products including the profitable Discovery+ streaming service and Bleacher Report (B/R). Gunnar Wiedenfels, currently CFO of Warner Bros. Discovery, will serve as President and CEO of Global Networks. This company will focus on leveraging its extensive global reach of 1.1 billion unique viewers across 200 countries and territories, pursuing international growth opportunities, and elevating its live content offerings in sports and news."The cultural significance of this great company and the impactful stories it has brought to life for more than a century have touched countless people all over the world," said David Zaslav. "By operating as two distinct and optimized companies in the future, we are empowering these iconic brands with the sharper focus and strategic flexibility they need to compete most effectively in today's evolving media landscape."Gunnar Wiedenfels added, "This separation will invigorate each company by enabling them to leverage their strengths and specific financial profiles. This will also allow each company to pursue important investment opportunities and drive shareholder value."Samuel A. Di Piazza, Jr., Chair of the Warner Bros. Discovery Board of Directors, emphasized that this decision reflects the Board's ongoing efforts to enhance shareholder value.The separation is expected to be completed by mid-2026, subject to various closing conditions and approvals, including final approval by the Warner Bros. Discovery Board and receipt of tax opinions. Both companies are expected to have well-capitalized structures, with Global Networks planning to hold up to a 20% retained stake in Streaming & Studios for future monetization.Warner Bros. Discovery also announced the commencement of tender offers and related consent solicitations to enhance its debt portfolio, funded by a $17.5 billion committed bridge facility.J.P. Morgan and Evercore are serving as financial advisors, and Kirkland & Ellis LLP is acting as legal counsel for Warner Bros. Discovery.

Warner Bros. Discovery has appointed Robert Gibbs as Chief Communications and Public Affairs Officer. In this newly created role, he will oversee WBD?ÇÖs corporate and business communications as well as public affairs. An experienced and proven communications and public policy leader, Gibbs will officially assume the role on August 5 and report to Chief Executive Officer David Zaslav.?Ç£At this transformative time in our industry, Robert is the right leader to assume this new, critical global role, as we continue to grow the Warner Bros. Discovery brand and presence around the world,?Ç¥ said Zaslav. ?Ç£Robert is an insightful and respected leader with experience spanning Fortune 500 companies, the White House, and winning political campaigns. He will be an invaluable part of the team as we create the most captivating stories and content for consumers around the world. I am thrilled to welcome him to WBD.?Ç¥?Ç£I couldn?ÇÖt be happier to join Warner Bros. Discovery and to help tell the incredible stories of so many iconic brands across entertainment, news and sports,?Ç¥ said Gibbs. ?Ç£I?ÇÖm particularly excited to work with the global team to fully and clearly capture WBD?ÇÖs vision and communicate the meaningful growth potential in front of us. I am looking forward to getting started and being a part of this world-class organisation.?Ç¥Gibbs most recently served as a Partner at Bully Pulpit International, a strategic communications, public affairs, and corporate reputation advisory firm. From 2015 to 2019, Gibbs served as the Executive Vice President for Corporate Relations and Global Chief Communications Officer for McDonald?ÇÖs, where he oversaw the company?ÇÖs global corporate communications, internal and executive communications, government relations and public affairs work. At McDonald?ÇÖs, Gibbs globalized the communications function, led communications strategy for the company?ÇÖs successful launch of delivery service, and drove significant awareness of key strategic initiatives including improved food quality and the ?Ç£America?ÇÖs Best First Job?Ç¥ campaign.Prior to McDonald?ÇÖs, Gibbs held several senior communications and advisory roles in the Obama White House and his presidential campaigns. He was the Obama Administration?ÇÖs first White House Press Secretary and an Assistant to the President from January 2009 to February 2011. Gibbs began working for Obama in 2004 as Communications Director for his US Senate campaign. He held the same job in Obama?ÇÖs U.S. Senate office and during his 2008 presidential campaign. After leaving the White House, Gibbs served as a Senior Advisor to President Obama?ÇÖs 2012 re-election campaign.