Warner Bros. Discovery will split into two companies, the media giant announced Monday.
One entity will encompass its streaming and studio operations, while the other will house its television network businesses, including CNN and Discovery with the aim of providing “greater strategic flexibility and focus,” according to CEO David Zaslav.
He will lead the streaming and studios unit, while chief financial officer Gunnar Wiedenfels will head up the TV networks company. The company plans for the breakup to take effect by mid-2026.
The move comes amid declining company value and increased pressure from investors to grow the company’s streaming business and spin off the networks as cable news declines, reflecting a broader trend in media, The New York Times wrote.