The split comes three years after Warner Bros. and Discovery merged in a bid to capture more of the highly competitive streaming market.

Warner Bros. Discovery (NASDAQ:WBD) finally announced Monday it would formally split into two publicly traded companies by mid-2026: WBD Streaming & Studios and WBD Global Networks This seismic restructuring aims to untangle WBD’s diverse assets by separating its high-growth streaming and studio operations from its declining cable networks.

Warner Bros. Discovery said it will separate its media businesses into two new companies, with cable in one and streaming and studios in the second.