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MEDIA
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Warner Bros. Discovery to split into two companies
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A Warner Bros. Discovery office in New York.
Yuki Iwamura/Bloomberg
Another high-profile divorce just shook Hollywood. Warner Bros. Discovery, the film and TV colossus behind HBO and CNN, announced Monday that it would cleave itself into two companies, becoming the latest entertainment conglomerate to unshackle its withering cable networks from its growing streaming services. David Zaslav, CEO of Warner Bros. Discovery, will lead the company's streaming and studios business, which will include streaming service HBO Max and Warner Bros. Motion Picture Group. The cable business, which will include CNN, will be run by Gunnar Wiedenfels, chief financial officer of Warner Bros. Discovery. Warner Bros. Discovery said it expected the transaction to be completed by the middle of next year. Shares of the company increased nearly 10 percent on news of the separation. The decision to split is a major about-face from the conventional wisdom in the industry when Warner Bros. Discovery was created three years ago — that media companies needed to get bigger to compete with streaming giants like Netflix. Following that logic, Disney acquired 21st Century Fox, AT&T bought Time Warner, and Discovery merged with WarnerMedia. US media giants have been looking to jettison their declining cable networks while preserving their faster-growing streaming services. Comcast, the parent company of NBC and Universal Studios, said last year it would separate its traditional TV business into a new company called Versant. — NEW YORK TIMES
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AUTOMOTIVE
Waymo halts LA service after cars destroyed during protests
This picture taken on June 8 shows a protester raising a fist while holding a Mexican flag in front of a Waymo vehicle that was set on fire during a demonstration following federal immigration operations in Los Angeles.
BLAKE FAGAN/AFP via Getty Images
Waymo has suspended service of its ride-hailing service in downtown Los Angeles after its vehicles were set on fire during protests against immigration raids in the area. Waymo doesn't believe the protests are related to the company specifically, according to the company. It has removed vehicles from downtown Los Angeles with guidance from the Los Angeles Police Department and won't be serving the area, the company said. At least five Waymo vehicles had been set on fire as of Sunday evening, according to local news station KTLA. The self-driving car service is owned by Google parent Alphabet Inc. E-scooters operated by Lime were also set on fire, according to TechCrunch. 'For the safety of all involved, we implore everyone to refrain from using our vehicles for anything other than their intended purpose,' Lime said in a statement. The company is monitoring the situation and will 'respond accordingly to keep our teams, vehicles and the broader LA community safe.' — BLOOMBERG NEWS
CLEAN ENERGY
Solar bankruptcies indicative of a wider-spread issue
Solar panels on the roofs of homes in Tucson, Ariz.
Rebecca Noble/Bloomberg
The US clean energy industry is starting to buckle under the weight of persistently elevated borrowing costs, President Trump's anti-renewables policies, and high tariffs. The latest domino to fall is residential solar company Sunnova Energy International Inc., which filed for bankruptcy early Monday. Its demise follows the Chapter 11 filing last week of Solar Mosaic LLC, one of the biggest lenders in the rooftop solar market. And it's not just home solar firms running into trouble: Since January, businesses have canceled or delayed more than $14 billion in clean energy and electric vehicle investments, according to a recent analysis by E2, a non-partisan group that advocates for renewables and policies to protect the environment. Clean energy's financing struggles arrive at a critical time for the US power industry. Utilities are rushing to meet growing demand from data centers running artificial intelligence applications. Advocates for solar, wind, and batteries say those resources are faster — and cheaper — to deploy compared with traditional generation sources. But the Trump administration's support for fossil fuels is putting renewables' grip on the market at risk. — BLOOMBERG NEWS
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SOCIAL MEDIA
YouTube loosens rules guiding the moderation of videos
The YouTube logo is seen outside the company's corporate headquarters in San Bruno, Calif.
JOSH EDELSON/AFP via Getty Images
For years, YouTube has removed videos with derogatory slurs, misinformation about COVID-19 vaccines and election falsehoods, saying the content violated the platform's rules. But since President Trump's return to the White House, YouTube has encouraged its content moderators to leave up videos with content that may break the platform's rules rather than remove them, as long as the videos are considered to be in the public interest. Those would include discussions of political, social, and cultural issues. The policy shift, which hasn't been publicly disclosed, made YouTube the latest social media platform to back off efforts to police online speech in the wake of Republican pressure to stop moderating content. In January, Meta made a similar move, ending a fact-checking program on social media posts. Meta, which owns Facebook and Instagram, followed in the footsteps of X, Elon Musk's social platform, and turned responsibility for policing content over to users. But unlike Meta and X, YouTube has not made public statements about relaxing its content moderation. The online video service introduced its new policy in mid-December in training material that was reviewed by The New York Times. For videos considered to be in the public interest, YouTube raised the threshold for the amount of offending content permitted to half a video, from a quarter of a video. The platform also encouraged moderators to leave up those videos, which would include City Council meetings, campaign rallies, and political conversations. — NEW YORK TIMES
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ENTERTAINMENT
Tony Awards draw best audience in 6 years for CBS
Host Cynthia Erivo performed during the 78th Tony Awards on June 8 at Radio City Music Hall in New York.
Charles Sykes/Charles Sykes/Invision/AP
The Tony Awards on Sunday lured 4.85 million viewers to CBS, its largest broadcast audience in six years, according to Nielsen's data. CBS said Monday the telecast — hosted by 'Wicked' star Cynthia Erivo — scored a 38 percent increase over last year's 3.53 million viewers. That's the largest audience for the Tonys since 2019, when the telecast that year nabbed 5.4 million viewers and 'Hadestown ' was crowned best new musical. The latest version also had to compete with the second game of the NBA Finals, between the Thunder and Pacers, CBS also said the awards show drew its largest ever streaming audience on Paramount+ but did not disclose streaming viewership numbers, only saying it was up 208 percent from last year. — ASSOCIATED PRESS
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