Warner Bros. Discovery to split into 2 companies, dividing cable, streaming services

1 week ago 12

ByMICHELLE CHAPMAN AP concern writer

NEW YORK -- Warner Bros. Discovery volition divided into 2 nationalist companies by adjacent year, calving disconnected its cablegram operations from its streaming service.

Warner Bros. Discovery said Monday that Streaming & Studios volition see Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, and HBO Max, arsenic good arsenic their movie and tv libraries.

The Global Networks institution volition see CNN, TNT Sports successful the U.S., and Discovery, apical free-to-air channels crossed Europe, and integer products specified arsenic the Discovery+ streaming work and Bleacher Report.

Shares jumped much than 8% earlier the marketplace open.

Warner Bros. Discovery CEO David Zaslav volition service arsenic CEO of Streaming & Studios. Gunnar Wiedenfels, main fiscal serviceman of Warner Bros. Discovery, volition service arsenic CEO of Global Networks. Both volition proceed successful their existent roles until the separation.

Just days agone Warner Bros. Discovery shareholders voted to cull the 2024 wage packages of immoderate executives, including Zaslav's wage bundle of much than $51 million. The ballot is symbolic, arsenic it is nonbinding.

“By operating arsenic 2 chiseled and optimized companies successful the future, we are empowering these iconic brands with the sharper absorption and strategical flexibility they request to vie astir efficaciously successful today’s evolving media landscape," Zaslav said successful a statement.

Warner Bros. Discovery said successful December that it was implementing a restructuring program that would person Warner Bros. Discovery service arsenic the genitor institution for 2 operating divisions, Global Linear Networks and Streaming & Studios. The announcement was taken arsenic a preview of the separation of divisions that was announced Monday.

The divided is expected to beryllium completed by the mediate of adjacent year. It inactive needs last support from the Warner Bros. Discovery board.