Warner Bros. to Split Into Streaming, Cable TV Companies
Warner Bros. Discovery is splitting into two independent companies: Global Networks and Streaming and Studios. Global Networks will include entertainment, sports, and cable television brands such as CNN, TNT, and TBS, and will hold a 20% stake in Streaming and Studios. The separation is expected to be completed by mid-2026, allowing each company to pursue deals and investment opportunities on their own. Bloomberg's Geetha Ranganathan reports. (Source: Bloomberg)
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Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up MEDIA Advertisement Warner Bros. Discovery to split into two companies Advertisement 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. 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