Warner Bros. Discovery announced a significant restructuring, planning to divide the conglomerate into two distinct companies that focus separately on cable television networks and streaming services alongside studio production. The expected split aims to be finalized by 2024 and signifies a reversal of the 2022 merger with Discovery. The 'Global Networks' entity will retain brands like CNN and TNT, while the 'Streaming and Studios' division will encompass HBO Max and production units. Leadership roles have been defined for each segment, with current executives assigned to lead the new companies.
In effect, the breakup will separate WBD's flagship streaming service, HBO Max, along with its movie and television production operations, from its cable networks and news offerings.
Gunnar Wiedenfels, WBD's current CFO, will become the president and CEO of Global Networks, while David Zaslav will continue as CEO of WBD Streaming & Studios.
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