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Warner Bros. Discovery (WBD) announced a plan in June 2025 to split into two publicly traded companies, but that separation did not happen as announced. Skydance completed its acquisition of WBD on October 6, 2026; WBD became a wholly owned subsidiary, and its shares ceased trading on Nasdaq. The proposed split is therefore a superseded plan, not a pending or completed corporate separation.
What WBD’s proposed split would have created
Announced on June 9, 2025, the plan would have divided WBD by business line. The company targeted a mid-2026 separation and described it as tax-free, subject to conditions including final board approval and tax-related requirements. The announcement set out an intended structure; it did not mean the transaction had closed. WBD’s announcement described the allocation and rationale.
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| Proposed company | Businesses and brands assigned under the plan |
|---|---|
| Warner Bros. | Streaming & Studios, including Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, HBO Max, and film and television libraries. |
| Discovery Global | Global Networks, including CNN, TNT Sports in the United States, Discovery networks, free-to-air channels in Europe, Discovery+, and Bleacher Report. |
WBD President and CEO David Zaslav said the proposed separation would “invigorate each company by enabling them to leverage their strengths and specific financial profiles.” That was management’s stated rationale for the 2025 plan, not a description of an outcome that occurred. WBD’s June 2025 announcement
How the plan changed
October 2025: WBD reviewed alternatives
WBD said its board would review strategic alternatives while continuing to advance the proposed separation. Those alternatives included a transaction for the whole company or separate transactions involving Warner Bros. and/or Discovery Global. WBD’s October 2025 announcement
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December 2025: a proposed Netflix transaction
WBD next announced a proposed Netflix acquisition of Warner Bros. following a planned Discovery Global separation, then expected in the third quarter of 2026. That was an intermediate proposal; it was not the final outcome. WBD’s December 2025 announcement
October 6, 2026: Skydance acquisition closed
Skydance completed its acquisition of WBD on October 6, 2026. The SEC filing and Skydance’s closing announcement state that WBD became Skydance’s wholly owned subsidiary and WBD shares ceased trading on Nasdaq. The combined company was named Skydance. These closing facts supersede the original proposal’s mid-2026 target.
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What WBD shareholders received at closing
Skydance reported that WBD shareholders received $31.01666668 per share in cash at closing. This is the consideration stated by Skydance for the completed 2026 acquisition, not a current share price or an estimate of what the uncompleted separation would have been worth. Skydance’s closing announcement
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What Skydance said it plans to produce
In its closing announcement, Skydance stated commitments or targets of at least 30 theatrical films per year and more than 180 television shows and series. Those are company-stated future output targets, not verified results. Skydance’s announcement
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