Warner Bros. Discovery Splits In Two: What To Look For Next
Burbank, California, USA - January 9, 2024: Nestled in the heart of the studio, the 513 seat Steven ... More J. Ross Theater is the most elegant and technically advanced theatrical and screening venue at Warner Bros. Studios.
The password is 'separate.' Warner Bros. Discovery's formal announcement of its anticipated separation into two distinct media companies follows the industry's latest M&A trend. WBD joins Comcast and Lionsgate – and Fox of several years ago - in spinning off cable networks that still throw off cash but represent a spectacularly successful media past rather than a foundation for the future.
As to the specifics of the WBD plan, the company's separation very definitively undoes the merger of the legacy Discovery Communications and Warner Media that closed only three years ago, which of course followed in the footsteps of AT&T purchase of Warner Media which only closed in 2018. There will be two new companies, one now referred to as Streaming & Studios, consisting of the Warner Bros. studio and library, HBO Max, and HBO, the only remaining legacy cable network in its stable. That company will be led by current WBD CEO David Zaslav.
The second company is for now named Global Networks, to be headed by current WBD CFO Gunnar Wiedenfels. This company will look much like the old Discovery paired with the old Turner Networks, consisting of Discovery Channel, CNN, TNT, Food Network, and a host of others. This entity – unlike Comcast's Versant spin-off – will assume a great deal of the debt inherited from the purchase of Warner Media by Discovery, adding more challenging fuel to its fire.
The legendary stage actor Edmund Kean supposedly said on his death bed: 'Dying is easy; comedy is hard.' So too, is separation easy. The hard part is to successfully shape what comes next. Where should we be looking?
Every deal has its own rationale and its own narrative that follows separation – you can't say the act itself guarantees any particular outcome. For Time Warner, it was certainly smart to spin-off both its Time Warner Cable and Time Inc. publishing businesses, but the outcomes for the separated entities diverged wildly. The cable systems eventually landed successfully in the arms of Charter Communications, while life for the stable of iconic Time Inc. magazines has been anything but stable, from the end of Entertainment Weekly to the demise of Sports Illustrated in all but name only.
Viacom and CBS tried the merger, separation and then re-merger (as Paramount Global) route, only to end up now in the purgatory of deal hell with Skydance Media's proposed acquisition of Paramount. There isn't much of anything positive to point to in this whole saga.
For the Streaming & Studio business, what's left for consolidating? Lionsgate post-Starz spin-off would be the most obvious choice, without the weight of cable networks on both sides and with a host of still-viable Lionsgate franchises including John Wick, The Hunger Games and Saw. This could be a mini-Disney move for the always-deal focused Zaslav. And as to streaming, the move back to the HBO Max brand might end up complicating a quick move to consolidate with other streaming services such as Peacock and Paramount Plus.
On the Global Networks side, besides the inevitable continuation of cost-cutting, I'm very curious to see where they go with sports. The separation announcement itself called out 'TNT Sports in the U.S.' among only three listed cable brands (with CNN and Discovery). After losing the NBA rights under its new media agreement, TNT has seemed hell-bent to acquire more sports rights including Roland Garros tennis and the new Club World Cup in soccer. But getting significantly bigger in sports will be extremely expensive, battling both legacy media companies and Big Tech. The new Versant, led by long-time sports media executive Mark Lazarus, has made clear its own intent to double down on sports. And of course, Disney is about to launch its standalone ESPN as sports media competition rages.
There was a strange meta-moment this past weekend as CNN, the most prototypical name in cable news, broadcast a live Broadway production of Good Night and Good Luck, the George Clooney vehicle about the legendary newscaster Edward R. Murrow from the 'Tiffany' broadcaster CBS News. But are there two more troubled brands in the world of news today than CNN and CBS News?
Paramount Global, CBS's owner, is battling for its corporate life. CBS News is weighing accommodations to the Trump Administration that have already leveled its management and might yet threaten the future of 60 Minutes. CNN's troubles have been under the microscope at least since the WBD takeover, and its digitally centered future is an uncertain one at best. Might there be some partnering in the future for these entities?
Among the new Global Networks and its competitors, will there finally be the sunsetting of secondary and tertiary cable network brands? How long can networks such as Paramount's VH1, Disney XD and a host of Global Networks remain 24X7 cable networks as opposed to shifting investment to digital platforms? Decisions like these, far more than corporate separations, will really determine the future direction of these companies and their brands.
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Emma Frost Golden Diamond: Reach Gold rank or higher in competitive mode in season 2. You must play at least 10 competitive matches to be eligible to receive the skin. Reach Gold rank or higher in competitive mode in season 2. You must play at least 10 competitive matches to be eligible to receive the skin. Ultron Golden Ultron: Reach Gold rank or higher in competitive mode in season 2.5. You must play at least 10 competitive matches to be eligible to receive the skin. Reach Gold rank or higher in competitive mode in season 2.5. You must play at least 10 competitive matches to be eligible to receive the skin. Magik Retro X-Uniform: Reach page 3 in the season 2 battle pass by July 11. Reach page 3 in the season 2 battle pass by July 11. Iron Fist Immortal Weapon of Agamotto: Reach page 9 in the season 2 battle pass by July 11. Four of the currently available free skins are not time-gated although they are locked behind achievements or platform exclusivity. Here are the Marvel Rivals skins you can unlock at any time: Spider-Man Scarlet Spider: This skin is available to PS Plus subscribers who play the game on the PS5. It can be found on the PSN Store under Marvel Rivals DLC. This skin is available to PS Plus subscribers who play the game on the PS5. It can be found on the PSN Store under Marvel Rivals DLC. Peni Parker Ven#m: Like the Scarlet Spider skin, this Ven#m skin is available for PS Plus subscribers and can be found in the PSN Store. This skin is also available in the Marvel Rivals in-game store, where it can be purchased with units. Like the Scarlet Spider skin, this Ven#m skin is available for PS Plus subscribers and can be found in the PSN Store. This skin is also available in the Marvel Rivals in-game store, where it can be purchased with units. Storm Ivory Breeze: Earn 200 Achievement Points in the Heroic Journey achievement section. Earn 200 Achievement Points in the Heroic Journey achievement section. Star-Lord Jovial Star: Earn 400 Achievement Points in the Heroic Journey achievement section. A classic X-Man look for Magik is available free on the Season 2 battle pass. NetEase Games/Screenshot by CNET How can I get more free Marvel Rivals skins? There are many ways to get skins in Marvel Rivals. Sometimes the developer issues special codes to unlock them while others require completing challenges. There are also some made available by watching streams on Twitch and many skins are "free" for progressing through the Marvel Rivals Battle Pass, which costs 990 Lattice, or about $10. You can also earn skins through regularly playing the game, as a free skin is frequently awarded with the completion of seasonal events. Players who reach gold rank or higher in competition also receive a free skin as a reward for their performance. Live events like Cerebro Database include free skins as a completion reward. What free skins used to be available in Marvel Rivals? Twitch drops, battle passes and promo codes get cycled in and out of rotation, allowing Marvel Rivals players to earn different free skins from engaging with the game during different events. Here are all of the previously available free skins, what season they were introduced in and how they were obtainable. Season 0 free skins Iron Man Armor Model 42: This skin was unlocked through opening the Bundle Code main menu option and inputting the promo code nwarh4k3xqy. The skin rotated out of availability on March 5, 2025. This skin was unlocked through opening the Bundle Code main menu option and inputting the promo code The skin rotated out of availability on March 5, 2025. Scarlet Witch White Witch: This skin was an exclusive reward for Closed Alpha players, rewarded upon logging in for the first time in season 0. This skin was an exclusive reward for Closed Alpha players, rewarded upon logging in for the first time in season 0. Venom Cyan Clash: This skin was an exclusive reward for Closed Beta players, rewarded upon logging in for the first time in season 0. This skin was an exclusive reward for Closed Beta players, rewarded upon logging in for the first time in season 0. Magneto Will of Galacta: This skin was unlocked as a Twitch drop during season 0. The skin rotated out of availability on Dec. 31, 2024. This skin was unlocked as a Twitch drop during season 0. The skin rotated out of availability on Dec. 31, 2024. Moon Knight Golden Moonlight: This skin was available as a competitive reward for any players who reached Gold or higher in Competitive mode in season 0. This skin was available as a competitive reward for any players who reached Gold or higher in Competitive mode in season 0. Jeff the Shark Cuddly Fuzzlefin: This skin was a reward for the season 0 Winter Celebration event. This skin was a reward for the season 0 Winter Celebration event. Hela Empress of the Cosmos: This skin was a free reward from the season 0 battle pass. The season 0 battle pass was briefly available for purchase again during season 2, temporarily reintroducing this skin to the game. Season 1 free skins Hela Will of Galacta: This skin was unlocked as a Twitch drop during season 1. The skin rotated out of availability on Jan. 25, 2025. This skin was unlocked as a Twitch drop during season 1. The skin rotated out of availability on Jan. 25, 2025. Adam Warlock Will of Galacta: This skin was unlocked as a Twitch drop during season 1. The skin rotated out of availability on April 4, 2025. This skin was unlocked as a Twitch drop during season 1. The skin rotated out of availability on April 4, 2025. Winter Soldier Revolution: Available via a promo code sent to moviegoers who saw Captain America: Brave New World in participating Regal theaters during opening weekend. Also available to buy in the in-game shop. Available via a promo code sent to moviegoers who saw Captain America: Brave New World in participating Regal theaters during opening weekend. Also available to buy in the in-game shop. Invisible Woman Blood Shield: This skin was available as a competitive reward for any players who reached Gold or higher in Competitive mode in season 1. This skin was available as a competitive reward for any players who reached Gold or higher in Competitive mode in season 1. Human Torch Blood Blaze: This skin was available as a competitive reward for any players who reached Gold or higher in Competitive mode in season 1.5. This skin was available as a competitive reward for any players who reached Gold or higher in Competitive mode in season 1.5. Thor Reborn From Ragnarok: This skin was a reward for the season 1 Midnight Features Part 1 event. This skin was a reward for the season 1 Midnight Features Part 1 event. Groot Carved Traveler: This skin was a reward for the season 1 Midnight Features Part 2 event. This skin was a reward for the season 1 Midnight Features Part 2 event. Black Widow Mrs. Barnes: This skin was a reward for the season 1 Galacta's Cosmic Adventure event. It can be bought now in the in-game shop. This skin was a reward for the season 1 Galacta's Cosmic Adventure event. It can be bought now in the in-game shop. Peni Parker Blue Tarantula: This skin was a free reward from the season 1 battle pass. This skin was a free reward from the season 1 battle pass. Scarlet Witch Emporium Matron: This skin was a free reward from the season 1 battle pass. Season 2 free skins
