Factual
Blockbuster breakup as Warner Bros. Discovery plots a starry split
MUMBAI: When one studio door closes, another opens with a box-office bang. In a dramatic plot twist that rivals its biggest screen spectacles, Warner Bros. Discovery (WBD) is pressing play on a two-part sequel splitting into two publicly traded companies to give each unit its moment in the spotlight. Announced today, the tax-free separation will see WBD carve out Streaming & Studios home to HBO, DC Studios, Warner Bros. Pictures and Television, and HBO Max from Global Networks, which includes CNN, TNT Sports, Discovery, and Discovery+, as well as key linear and digital assets across 200 countries and 68 languages.
David Zaslav, WBD’s current President and CEO, will lead Streaming & Studios, while Gunnar Wiedenfels, its CFO, will take charge of Global Networks. Both will retain their existing roles during the transition.
“This move gives us the sharper focus and agility needed to thrive in today’s fast-evolving media universe,” Zaslav said, promising a future of creative excellence and strategic flexibility. Wiedenfels added that the split will allow “each company to leverage its strengths and financial profiles,” paving the way for innovation and shareholder value.
Streaming & Studios will combine storytelling firepower and IP goldmines think Harry Potter, Game of Thrones, and Batman with global platform HBO Max, which currently operates in 77 markets and plans further expansion by 2026. WBD is aiming for 3 billion dollars in annual adjusted EBITDA from this division.
Global Networks, meanwhile, commands a massive reach of 1.1 billion viewers, with an eye on live content growth, international opportunities, and monetising digital assets like B/R and CNN’s new streaming play. The unit boasts industry-leading margins and strong free cash flow.
A crucial detail: Global Networks will retain up to 20 per cent stake in Streaming & Studios, planned to be monetised later for balance sheet de-leveraging.
To support the split, WBD has secured a 17.5 billion dollars bridge facility from J.P. Morgan, which it expects to refinance before separation. Tender offers and consent solicitations have also been launched to optimise its debt structure.
The full spin-off is targeted for mid-2026, pending board approvals, market conditions, and tax clearances from the IRS. J.P. Morgan and Evercore are advising, with Kirkland & Ellis as legal counsel.
WBD Chair Samuel A. Di Piazza, Jr. framed the move as a win for shareholders: “This transaction is a great outcome, unlocking long-term value and strategic focus for two exceptional businesses.”
The end credits may still be a year away, but WBD’s bold reboot is already setting the stage for a media double feature like no other. One company to power global fandoms, another to rule the airwaves all from the studio that gave us a century of storytelling magic.
MUMBAI: India’s most famous hot seat is about to welcome an unlikely first-timer. For the first time on Hindi general entertainment television, industrialist Kumar Mangalam Birla will appear on Kaun Banega Crorepati, the iconic quiz show hosted by Amitabh Bachchan.
The special episode marks a rare meeting point of boardroom heft and prime-time television, bringing one of India’s most influential business leaders face to face with the country’s most enduring screen legend. It is a crossover that blends intellect, leadership and popular culture, all under KBC’s familiar spotlight.
Birla’s appearance dovetails neatly with the show’s current theme, Jahaan Akal Hai, Wahan Akad Hai, which celebrates the confidence that comes from clarity of thought and knowledge. His presence lends weight to the idea that sharp thinking and conviction are as vital in life as they are in the quiz chair.
In a thoughtful conversation with Bachchan, Birla shared an upbeat view of India’s economic journey, pointing to the nation’s rapid growth and the scale of opportunity opening up across industries and communities. He spoke of momentum, ambition and a future shaped by enterprise and ideas.
The episode is not all serious talk. In lighter moments, Birla confessed his long-standing admiration for Bachchan, calling him his favourite actor and admitting to a touch of nervousness at answering questions in front of the Shahenshah himself. The candour adds a human touch to a man more often seen in headlines than on television sets.
The special episode airs on Monday, 29 December at 9.00 pm on Sony Entertainment Television and Sony LIV.
