Warner Bros. Discovery announced today that it’s splitting into two separate entities – Streaming & Studios and Global Networks. Both will be publicly traded companies.

Global Networks will house AEW’s television homes of TNT and TBS among other networks such as Discovery and Bleacher Report. This will be headed by Gunnar Wiedenfels, the current CFO of Warner Bros. Discovery, who will now serve as President and CEO.

Streaming & Studios will carry the DC Studios, Warner Bros., Warner Bros. Television, and AEW’s streaming home, Max, which will soon revert to HBO Max. This company will be headed by an AEW supporter in David Zaslav, who currently is the President and CEO of Warner Bros. Discovery and will now serve as President and CEO.

The separation is expected to be completed by mid-2026, subject to closing and other conditions, including final approval by the Warner Bros. Discovery Board and other entities.

How this affects AEW remains to be seen. Zaslav supported AEW a lot when they started but now he loses the TBS/TNT portfolio. AEW’s deal with WBD runs till the end of 2027.