TNT Sports to be spun off by Warner Bros. Discovery

Warner Bros. Discovery announced Monday that it will spin off its cable networks, including those that comprise TNT Sports, into a new company.

WBD is dividing its properties into two entities, one of which is temporarily being called Global Networks, which will serve as the parent company of CNN and TNT Sports. The other company, independent of Global Networks, will entail WBD's film, TV and streaming holdings, DC Studios, HBO and HBO Max.

Global Networks will be helmed by Gunnar Wiedenfels, currently the CFO at Warner Bros. Discovery.

TNT already faced a murky future when it came to sports. The company was out-bid by NBC and Amazon for NBA rights, and TNT just aired its last game of its current package with the conclusion of the Eastern Conference Finals.

TNT's sports rights include the French Open, which recently concluded a strong two-week run with Coco Gauff and Carlos Alcaraz winning the women's and men's singles titles, respectively; the NCAA Tournament; the NHL, including the Stanley Cup playoffs; and Major League Baseball.

Making it even more complicated, all of WBD's sports broadcasts have been streamed on HBO Max, though CEO David Zaslav said on an investor call Monday that it hasn't pushed many people to subscribe.

"Inside the U.S., sports has been less critical. It's been viewed, but it hasn't been a real driver for us," Zaslav said. "So it will continue to be on HBO Max, but the Global Networks business will evaluate over time where the best place for that is."

--Field Level Media