Warner Bros. Discovery Channel President and CEO David Zaslav arrives for the world premiere of “The Flash” at Ovation Hollywood on June 12, 2023 in Hollywood, California.
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Warner Bros. Discovery Thursday announced a reorganization plan to split its business into linear and streaming units, a move that could simplify future integration.
WBD shares were up about 15% in early trading Thursday.
The company’s new global linear networks division will house its news, sports, scripted and unscripted programming networks such as CNN, TBS, TNT, HGTV and Food Network. The streaming and studio unit will house WBD’s film studio and streaming platform Max.
Longtime TV giant HBO will be folded into its streaming unit, according to a person familiar with the matter.
Update happens in a few weeks Comcast Announced that it will spin off its cable television networks, including CNBC, MSBNC, E!, Syfy, Golf Channel, USA and Oxygen.
David Zaslav, CEO of WBD, said: “We continue to prioritize ensuring that our global linear networks business is well-positioned to continue driving free cash flow, while our streaming and studio businesses are focused on telling the world’s most exciting stories. Compelling stories to drive growth. said in a statement.
Warner Bros. Discovery expects to complete its restructuring by the middle of next year.
Revealed: Comcast is the parent company of CNBC.
—CNBC’s Alex Sherman contributed to this report.
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