WBD split: What’s next for James Gunn’s Superman-led DCU and Warner Bros?

Warner Bros. Discovery (WBD), home to DC superheroes, HBO shows, and cinematic juggernauts like Barbie and Harry Potter, is at a crossroads once again. The company confirmed this week that it has begun a “strategic review” that could reshape one of Hollywood’s most recognisable empires, hinting at even splitting or selling it.

This announcement comes as WBD continues its previously declared plan to split itself into two media powerhouses: Warner Bros., housing film, television, and DC properties, and Discovery Global, which will focus on lifestyle, sports, and factual content. The separation is on track to be completed by mid-2026, according to the company.

Tuesday’s announcement on the latest board decision seems to expand that plan.

WBD has received unsolicited buyout offers—both for the entire company and for individual divisions (from even other giants like Paramount). CEO David Zaslav said the board will now evaluate “all strategic alternatives” to “unlock shareholder value”.  But, no final decision has been made.

The fate of the Justice Gang

For fans of DC films and shows, this reshuffle could mean another change in direction, but not an end. The DC Universe (DCU) push under James Gunn and Peter Safran—which began with David Corenswet-helmed Superman and to be explored further in Man of Tomorrow and Milly Alcock-starrer Supergirl slated for 2026-2027—remains part of Warner Bros.’ film slate.

Warner executives have, time and again, confirmed that DC Studios will remain an integral component of the Warner Bros. subsidiary after separation.

Keeping the new DCU slate could be a major priority for Warner Bros., given how it is being reported that WBD took the Paramount offer to the bin. So, for now, your beloved Peacemaker is safe!

Beyond DC, other key franchises like Dune, Lord of the Rings, and Harry Potter are being positioned as cornerstone intellectual properties for the post-split Warner Bros. studio.

The company’s latest “content-first” strategy is all about fewer, higher-quality properties—a clear shift from the mass-production era that defined early streaming competition.

Following the HBO money

WBD’s mid-year financials were a mixed bag, though.

In Q2 2025, the studio group generated $3.6 billion, led by House of the Dragon and major titles like Joker: Folie à Deux, while HBO Max added 1.9 million new global subscribers, rebounding from last year’s slump. However, total company revenue of $9.83 billion marked a 3 per cent yearly decline as advertising and cable segments continued to shrink.

DC fans, Potter fans, HBO fans, and even Dune fans are waiting. Industry insiders say Warner Bros. will likely remain a dominant cultural force, regardless of corporate structure (no surprises there).

Whether under the same banner or as part of a new ownership group, franchises like DC, HBO, Harry Potter and Barbie continue to be some of the most bankable assets in global entertainment. Pretty sure Warner Bros. won’t throttle the golden geese.

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