By Jacob Waltman, Jennifer Bishop and Stephen Zolf ( February 20, 2026, 10:41 AM EST) -- In June 2025, Warner Bros. Discovery, Inc. (WBD) announced plans to separate its Global Networks division from its Streaming and Studios division. WBD’s Streaming and Studios division includes its television and movie studios (Warner Bros. Television, Warner Bros. Motion Picture Group, HBO, DC Studios, etc.), its streaming platform HBO Max and its extensive media library. WBD’s Global Networks division includes its global linear cable network properties such as CNN, TNT Sports, TBS, HGTV, Food Network and Discovery. The Global Networks division also encompasses several free-to-air channels across Europe and digital products including Discovery+ and Bleacher Report. The separation is expected to spin off Global Networks into a standalone publicly traded company, Discovery Global, in Q3 2026....