Warner Bros. Discovery To Spin-Off Cartoon Network, TNT And Food Network Into A Separate Company, Retains HBO Max And Studios

Warner Bros. Discovery today announced plans to separate the company, in a tax-free transaction, into two publicly traded companies, enabling each to maximize its potential. The Streaming & Studios company will consist of Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, and HBO Max, as well as their legendary film and television libraries. Global Networks will include premier entertainment, sports and news television brands around the world including CNN, Cartoon Network, TNT, Food Network, Discovery Channel, and digital products such as the profitable Discovery+ streaming service and Bleacher Report (B/R). 

David Zaslav, President and CEO of Warner Bros. Discovery, will serve as President and CEO of Streaming & Studios. Gunnar Wiedenfels, CFO of Warner Bros. Discovery, will serve as President and CEO of Global Networks. Both will continue in their present roles at WBD until the separation.

"The cultural significance of this great company and the impactful stories it has brought to life for more than a century have touched countless people all over the world. It's a treasured legacy we will proudly continue in this next chapter of our celebrated history," said Zaslav. "By operating as two distinct and optimized companies in the future, we are empowering these iconic brands with the sharper focus and strategic flexibility they need to compete most effectively in today's evolving media landscape."

"This separation will invigorate each company by enabling them to leverage their strengths and specific financial profiles. This will also allow each company to pursue important investment opportunities and drive shareholder value," said Wiedenfels. "At Global Networks, we will focus on further identifying innovative ways to work with distribution partners to create value for both linear and streaming viewers globally while maximizing our network assets and driving free cash flow."

"We committed to shareholders to identify the best strategy to realize the full value of our exciting portfolio of assets, and the Board believes this transaction is a great outcome for WBD shareholders," added Samuel A. Di Piazza, Jr., Chair of the Warner Bros. Discovery Board of Directors. "This announcement reflects the Board's ongoing efforts to evaluate and pursue opportunities that enhance shareholder value."

Streaming & Studios

With best-in-class creative capabilities and an unmatched library of beloved IP, Streaming & Studios will be one of the world's greatest storytelling companies. The company will be comprised of Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO and HBO Max (including its international sports offering), Warner Bros. Games, Tours, Retail and Experiences, as well as studio production facilities in Burbank and Leavesden. Streaming & Studios will have dynamic and sustainable revenue, profit and free cash flow growth. The company will focus on continuing to scale HBO Max, which is now in 77 markets with important new market launches planned for 2026, and build on its global momentum, investing in HBO's world-class programming which differentiates and drives the platform, and prioritizing the operating principles that have put the Studios on a path back to their target of at least $3 billion in annual adjusted EBITDA.

Global Networks

Global Networks will encompass a powerful and preeminent global portfolio of entertainment, sports and news television networks and brands as well as their digital products. Today, these assets reach 1.1 billion unique viewers in 68 languages across 200 countries and territories, while operating with industry-leading margins and robust free cash flow conversion. As a worldwide leader in live television, Global Networks will have the expertise, reach and ongoing financial profile to pursue opportunities such as investing in international growth opportunities, elevating its live content offerings in sports and news, and growing digital extensions of its strong network brands, such as Discovery+, B/R, and CNN's new streaming offering.

Transaction Details, Capital Structure and Timing

Warner Bros. Discovery intends to separate the businesses in a tax-free manner for U.S. federal income tax purposes. The companies plan to implement arm's length transition services and commercial agreements post-separation to facilitate the transition and maintain continued operational efficiencies.

Each company will have well-capitalized structures to support their businesses. In a separate press release today, Warner Bros. Discovery announced the commencement of tender offers and related consent solicitations across its existing capital structure to enhance its debt portfolio, which will be funded by a committed bridge facility of $17.5 billion provided by J.P. Morgan. The bridge facility is expected to be refinanced prior to the separation. Both companies will have a clear path to de-leveraging with significant cash flow and strong liquidity through cash and revolver availability. In addition, Global Networks will hold up to a 20% retained stake in Streaming & Studios that it will plan to monetize in a tax-efficient manner to enhance the de-leveraging of its balance sheet.

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, receipt of tax opinions and/or a private letter ruling from the Internal Revenue Service with respect to the tax-free nature of the transaction for U.S. federal income tax purposes, and market conditions.

J.P. Morgan and Evercore are serving as financial advisors to Warner Bros. Discovery and Kirkland & Ellis LLP is serving as legal counsel.

Canal+ And MultiChoice Deal Set To Appear In Front Of The Competition Tribunal Before The End Of July + More

In South Africa, the Chairman of the Board of Directors of Canal+ said he was awaiting "a final decision," which will be made via the South African Competition Tribunal, after receiving a "positive opinion" from the South African Competition Commission in May.

Maxime Saada reported a hearing scheduled in this regard "before the end of July." "This chapter is moving very quickly," he concluded.

The Chairman of the Board discussed the preparations underway to anticipate what comes next and identify "the operational model of the future company" and the distribution of "responsibilities," so that "the day after the transaction closes, everyone knows what their responsibilities will be."

CRUCIAL ACQUISITION

This transaction is all the more crucial for Canal+ as it should enable it to boost its share price, which has plummeted since its listing on the London Stock Exchange in December, following the spin-off from its former parent company, Vivendi.

"It will be very important to complete the transaction with MultiChoice," Yannick Bolloré responded to a question from an individual shareholder about this "disappointing" stock market performance.

"The few investors I've met have all talked to me about the MultiChoice deal," added Yannick Bolloré, believing the acquisition could be "a catalyst for acceleration" (sic).

The Chairman of the Supervisory Board also reiterated, as he did at Vivendi's shareholders' meeting (where he holds the same position) in April, that it would take "time to make ourselves known" to investors.

TAX DISPUTES

The audiovisual group Canal+ also announced on Friday that it had reached an agreement with the French National Center for Cinema and the Moving Image (CNC) regarding a tax dispute.

Canal+ stated in a press release published shortly before its shareholders' meeting that it had "put an end to the disputes" and thus removed "the uncertainty regarding the possibility of significant additional disbursements."

The CNC and Canal+ disagreed over the television services tax (TST) owed by the group and collected by the public body.

Canal+'s Chief Financial Officer, Amandine Ferré, clarified that the €44 million requested by the CNC for the 2020 and 2021 fiscal years had been canceled, and that the group was also "protected from claims" from the public institution for nearly €50 million for 2022 and 2023, "for a total of €90 million."

"The cash impact [of the agreement] is therefore neutral," the Chief Financial Officer concluded.

Canal+'s Chief Financial Officer, Amandine Ferré, clarified that the €44 million requested by the CNC for the 2020 and 2021 fiscal years had been canceled, and that the group was also "protected from claims" from the public institution for nearly €50 million for 2022 and 2023, "for a total of €90 million."

"The cash impact [of the agreement] is therefore neutral," the Chief Financial Officer concluded.

However, Canal+'s dispute with the tax authorities regarding the VAT it owes to the State is still ongoing, Canal+ stated. Amandine Ferré affirmed that she is "actively engaging with the tax authorities to find a solution as quickly as possible."

This article was published by Boursorama

DStv Shorts: ROK Might Be Loading In High Definition (HD), Teen Africa TV Gets Yanked Off And SuperSport Liyu's Launch Likely Postponed

ROK is going HD

MultiChoice is currently in the process of completing its acquisition by ROK owners Canal+ as the deal is set to finalised by the Competition Tribunal in the coming months. Amidst this, ROK had been making some headlines in the previous months.

As recalled, it appeared that ROK was experimenting on a third TV channel with ROK 2 available in other parts of Africa. As this channel had its own schedule with most of the content (mainly movies) borrowed from the current ROK channels on DStv now that appears to have been killed off (maybe).

Usually in testing stages, placeholders usually come in before the actual channel begins development but in ROK's case that could as well remain a mystery. For now, it appears to be an HD feed for the eldest ROK channel so we can only assume when the buyout commences ROK will remain unaffected.

Teen Africa TV takes a raincheck 

Teen Africa TV is a Nigerian based youth channel that offers locally produced content which range from reality, educational content and drama series. For sometime, Teen Africa TV has struggled to remain consistent as broadcast hours and content offering had further been reduced.

According to posts on their social platforms, Teen Africa TV is planning to go "fully online" which implies it's discontinuation on DStv, GOtv and StarTimes as they're not listed on any of their websites. On top of that, their new home YouTube has been inactive and has very little noticeability.

Kind of curious where this funding will come from and how they'll be able to monetize any of this going forward.

Since it's inception, Teen Africa TV has controversial first with allegations of workers not getting paid. Another had to do with MultiChoice moving it's frequency closer to other children channels on DStv despite being a youth channel some of its content caters for a much older audience.

SuperSport extending the reach of Liyu

We were the first to report on this and from what some subscribers had seen last month MultiChoice added SuperSport Liyu on channel 236 - probably a test launch. Since then, MultiChoice hasn't stated the exact reason for inducting the channel to more consumers across Africa.

It is a football channel with majority of content already accessible on other SuperSport channels. To top it off, the content is broadcast in Amharic which is only known to consumers in Ethiopia my hunch still stands it's likely a pop-up channel they're using to boast a major event.

The fact it was allocated with the other SuperSport channels only to get removed means one of two things first the channel was delayed as MultiChoice had been notorious for such. Second, they likely scrapped the launch for some apparent reason.

July 2025 On Disney Channel And Disney Junior Across Europe And Africa | Channel Premiere: Mickey Mouse Clubhouse+ | Returning Shows Including Primos | More

Disney Channel 

* For ROA

Big Hero 6

Starts 1 July at 16:30

Hiro and Baymax, along with their friends Wasabi, Honey Lemon, Go Go and Fred, unite to form the legendary superhero team Big Hero 6, protecting their city from a colorful array of scientifically-enhanced villains.

Mighty Med 

Starts 7 July at 17:00

Teenagers Oliver and Kaz discover a hidden entrance to a secret hospital for superheroes called Mighty Med. When they prove their knowledge of superheroes they are offered a job there!

Kiff: Lore Of The Ring Light 

Airs 5 July at 10:15

Kiff and her friends go on an adventure to destroy a ring light of immense power.

Returning shows include Miraculous: Tales Of Ladybug And Catnoir S6 (Part 2 of 4) starts 7 July at 15:40.

* Returning shows include Kiff S3 (Part 3) on 7 July at 07:40 and Primos (Part 4) on 21 July at 09:45.

Disney Junior

Mickey Mouse Clubhouse+

Starts 26 July at 08:30

Mickey and his friends Minnie, Donald, Pluto, Daisy, Goofy, Pete, Clarabelle and more go on fun and educational adventures.

Returning shows include Robogobo (Part 2) on 14 July at 14:30.

Anime-Inspired ‘Miraculous’ Spinoff ‘Miraculous Stellar Force’ Acquired By Disney With A 2025 Special And 2027 Series Launch Planned

Disney Branded Television has officially acquired “Miraculous Stellar Force,” marking a major expansion of the globally popular “Miraculous” franchise. Announced just ahead of the Annecy International Animated Film Festival, the new series is scheduled to premiere in 2027 on Disney Channel and Disney+.

“Miraculous Stellar Force” will be the franchise’s first original spin-off and promises a fresh, dynamic experience that blends high-stakes action, kung fu comedy and heartwarming storytelling, all in a hand-drawn 2D format inspired by Japanese anime. Created by Thomas Astruc, the original creator of “Miraculous – Tales of Ladybug and Cat Noir,” the new series swaps Paris for Tokyo, introducing fans to an entirely new team of culturally diverse young superheroes.

Set at an international school in the Japanese capital, “Miraculous Stellar Force” follows 12 students who discover they are guardians of the Stellar Matrix, a fractured ancient cosmic weapon. Under the leadership of Miki, Mayotte and Yu Lu, these heroes must overcome personal differences and chaotic friendships to face formidable galactic villains such as the revenge-driven Modeler and the ominous force known as The Supreme.

Ahead of the full series release, fans will get their first taste of the new universe with the premiere of “Miraculous World: Tokyo Stellar Force” later this year. This one-hour special event spans Paris and Tokyo, and features beloved characters Marinette and Kagami as they help unite a new generation of Tokyo-based heroes.

“With ‘Stellar Force,’ we’re expanding the ‘Miraculous’ universe in bold and exciting directions, with a completely new team, setting and mythology, while staying true to the values that made ‘Miraculous’ a global phenomenon,” said Andy Yeatman, CEO of Miraculous Corp. USA and Global Operations. “Kids around the world will see themselves reflected in these diverse, relatable heroes navigating friendship, identity and teamwork amidst epic cosmic stakes. With its blend of action and comedy and unforgettable characters, ‘Stellar Force’ is a fresh take on what it means to be a hero and perfectly positioned to become an instant classic.”

Heath Kenny, chief content officer at Miraculous Corp, added, “With its dynamic mix of thrilling action, martial arts, heartfelt character arcs, comedy and stunning views of Tokyo, ‘Miraculous Stellar Force’ reinvents the anime superhero genre with style and substance. As the friendship between the teens grows, so does their strength as a team, a powerful reminder that true strength comes not just from power, but from the bonds we build along the way.”

This latest addition marks a new chapter for the “Miraculous” brand, which celebrates its 10th anniversary this year and continues to captivate audiences worldwide with its award-winning content, now spanning television, film, digital media, merchandise and more.