The American conglomerate Warner Bros Discovery announced on Monday that it will divide its operations into two separate publicly traded companies, one focused on the HBO Max platform and film production, and the other on the CNN news network and various television channels, reports EFE.
The first, known as "Streaming & Studios," will be led by the company's CEO, David Zaslav, and will include Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, and HBO Max.
Chief Financial Officer Gunnar Wiedenfels will lead the second, "Global Networks," which will include well-known entertainment, sports, and news channels worldwide, including CNN, TNT Sports in the US, and Discovery, free-to-air television in Europe, and others like the Discovery+ streaming service.
The separation, expected to take effect by mid-2026, "aims to provide each company with greater flexibility and strategic focus," the company stated in a press release.
"The cultural significance of this great company and the impactful stories it has brought to life for over a century have touched countless people around the world. It is a cherished legacy that we will continue to proudly uphold in this new chapter of our illustrious history," Zaslav said in the communication sent to the media.
He added that "by operating as two distinct and optimized companies in the future, we are providing these iconic brands with the most precise focus and strategic flexibility they need to compete more effectively in today's ever-changing media landscape."
In an internal message to conglomerate employees, as reported by CNN, Zaslav emphasized that the intention of the division is to "unlock the full potential of two strong businesses. (...) "Each has a different focus, a clear mission, and the necessary scale to achieve success on its own terms."
According to Warner Bros Discovery's public statement, the split will also allow each company to "pursue significant investment opportunities and create value for shareholders."
The long-awaited announcement of the conglomerate's division comes after months of restructuring within the company for this purpose, three years after the merger between the then Warner Media and Discovery.