Warner Bros. Discovery, the company that owns CNN and HBO Max, plans to divide into two businesses by the middle of next year. The US media behemoth intends to disentangle its streaming and studio operations from its more established cable television networks.
The decision is made at a time when cable TV’s viewership has been dropping while streaming services have hundreds of millions of subscribers worldwide. While networks like CNN have been losing viewers, HBO Max has succeeded with series including The Last of Us, The White Lotus, and Succession. Soon, Mr. Zaslav will lead the company’s film division and these popular series under a new Streaming & Studios business.
The other new business will be named Global Networks, and it will have names like CNN, Discovery, and TNT Sports. Gunnar Wiedenfels, the chief financial officer of Warner Bros. Discovery, will be in charge of this company.
David Zaslav, the president and CEO of Warner Bros. Discovery, stated, “We are giving these iconic brands the increased focus and strategic adaptability they need to compete most successfully in today’s changing media landscape. The media conglomerate’s division comes after Warner Bros. Discovery was formed through a deal in 2022.
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