Warner Bros. Plans to Split Streaming, Cable TV Businesses

Move unwinds much of the 2022 merger that combined WarnerMedia and Discovery

- Bloomberg

Warner Bros. Discovery Inc. is splitting itself into two publicly traded companies, one with its HBO Max streaming service, film and television business, and the other with its struggling cable business.

The Global Networks division will include entertainment, sports and dozens of cable television brands such as CNN, TNT and TBS and will be headed by chief financial officer Gunnar Wiedenfels.

The division will hold a 20% stake in the other streaming and studios business, using proceeds from that entity as a way to cut debt, the company said in a statement on Monday.