David Zaslav, president and CEO of Warner Bros. Discovery ( No. 114 on the Fortune 500), will lead the streaming and studios company, which will oversee movie properties and the HBO Max streaming service. Both Wiedenfels and Zaslav will remain in their current roles until the split, expected by mid-2026.

Monday's news that Warner Bros. Discovery is splitting into two companies has fueled chatter about which execs will end up leading the new entities.

Hollywood conglomerate Warner Bros. Discovery on Monday made it official, unveiling plans to separate the company, in a tax-free transaction, into two publicly traded companies, “enabling each to maximize its potential.”