Warner Bros. Discovery to split into two public companies, separating Streaming and Studios from Global Networks by next year.
In Short:
Warner Bros. Discovery plans to split into two public companies by next year, one focusing on movies and streaming, and the other on traditional TV networks. David Zaslav will lead the streaming entity, while CFO Gunnar Wiedenfels will become CEO of the networks company.
Warner Bros. Discovery has announced plans to split its media operations into two separate public companies by next year.
The restructuring will create one entity focused on movie and streaming services, including HBO Max, and another for traditional television networks such as CNN and TBS.
The new company, Streaming and Studios, will encompass the movie properties alongside HBO Max, while the second entity, Global Networks, will manage CNN, TNT Sports, and Discovery, among others.
New company structure
David Zaslav, the current CEO, will lead the Streaming and Studios company. Gunnar Wiedenfels, the current CFO, is set to become CEO of Global Networks.
Shares of Warner Bros. Discovery were suspended during extended trading on Monday morning.
Zaslav has faced criticism regarding his leadership decisions at CNN, leading to speculation that some staff may welcome his transition away from that position.
