Warner Bros. Discovery President and CEO David Zaslav arrives for the world premiere of “The Flash” at Ovation Hollywood on June 12, 2023 in Hollywood, California.
Michael Tran AFP | Getty Images
A Warner Bros. invention On Thursday it announced a restructuring plan to split its business into linear and streaming units that could ease future consolidation.
Shares of Warner Bros. Discovery rose 15% on Thursday.
The company’s new Global Linear Networks division will house its networks of news, sports, scripted and unscripted programming such as CNN, TBS, TNT, HGTV and the Food Network. A streaming and studio unit will consist of Warner Bros. Discovery’s film studio and streaming platform Max
Longtime TV powerhouse HBO will be slotted under the streaming unit, according to a person familiar with the matter.
The update comes a few weeks later Comcast announced that it would spin off its cable networks, including CNBC, MSNBC, E!, Syfy, Golf Channel, USA and Oxygen.
“We continue to prioritize positioning our global linear networks business to continue generating free cash flow, while our streaming and studios businesses focus on growth through telling the world’s most compelling stories,” said David Zaslav, CEO of Warner Bros. Discovery. a statement
Warner Bros. Discovery expects to complete the restructuring by the middle of next year.
Disclosure: Comcast is the parent company of CNBC.
— CNBC’s Alex Sherman contributed to this report.
