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Warner Bros. Discovery plans to divided into 2 nationalist companies by adjacent year, the media elephantine announced Monday, the latest upheaval successful the manufacture arsenic consumers modulation from cablegram to streaming.
WBD volition abstracted into a streaming and studios company, which volition see its movie properties and streaming work HBO Max, and a planetary networks company, which volition see CNN, TNT Sports and Discovery, among different businesses.
CEO David Zaslav volition pb the streaming and studios company. Current CFO Gunnar Wiedenfels volition go CEO of the planetary networks business.
Warner Bros. Discovery expects to implicit the divided by the mediate of 2026.
"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 release.
The quality confirms earlier reporting by CNBC and others that WBD was considering specified a split. In December, the institution announced restructuring that galore saw arsenic a precursor to a afloat break.
It besides comes arsenic cablegram elephantine Comcast is successful the process of spinning retired its portfolio of cablegram networks, including CNBC, into a caller publically traded institution called Versant. That separation, announced past year, inspired speculation that the media manufacture could soon spot heightened consolidation.
Warner Bros. Discovery shares were halted successful extended trading Monday morning.
Disclosure: Comcast is the genitor institution of CNBC. Versant would beryllium the genitor institution of CNBC nether the projected cablegram spinout.
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