David Zaslav attends the HBO Max Primetime Emmy Awards Afterparty at San Vicente Bungalows on Sept. 14, 2025. David Jon/Getty Images for HBO Max

As Warner Bros. Discovery enters the final stages of fielding acquisition bids from Netflix and Paramount Skydance, the executives overseeing its most valuable businesses—streaming, studios and global networks—are emerging as pivotal figures in what could be the entertainment industry’s most consequential reshuffling in years.

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The company announced in June that it would break itself into two entities just three years after the high-profile WarnerMedia–Discovery merger. Under the plan, Warner Bros. would retain the studios and streaming operations, while a new division, Discovery Global, would hold the networks’ business, making it easier for WBD to spin off or sell individual assets. In the ongoing bidding war, Netflix offered $83 billion for the Warner Bros. side, and Paramount offered $108.4 billion bid for the entire company.

A major transaction has long felt inevitable. The 2022 merger saddled the company with roughly $50 billion in debt, leaving its leadership little choice but to explore a breakup or sale. If the split proceeds, WBD CEO David Zaslav would continue leading the Warner Bros. side, and Discovery Global would be led by current CFO

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