The separate companies will make a clearer split between its streaming and cable businesses.
NEW YORK — Warner Bros. Discovery will split into two public companies by next year, calving off its cable operations from its streaming service.
Warner Bros. Discovery announced on Monday that their Streaming & Studios division will encompass Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, and HBO Max, along with their associated film and television libraries.
The Global Networks division will feature CNN, TNT Sports in the U.S., Discovery’s premier free-to-air channels throughout Europe, and digital offerings like the Discovery+ streaming service and Bleacher Report.
Shares jumped more than 8% before the market open.
David Zaslav, the CEO of Warner Bros. Discovery, will take the helm as CEO of Streaming & Studios, while Gunnar Wiedenfels, the company’s chief financial officer, will become CEO of Global Networks. They will both continue their current roles until the division’s separation is complete.
Just days ago Warner Bros. Discovery shareholders voted to reject the 2024 pay packages of some executives, including Zaslav’s pay package of more than $51 million. The vote is symbolic, as it is nonbinding.
“By operating as two distinct and optimized companies in the future, we are empowering these iconic brands with the sharper focus and strategic flexibility they need to compete most effectively in today’s evolving media landscape,” Zaslav said in a statement.
Warner Bros. Discovery said in December that it was implementing a restructuring plan that would have Warner Bros. Discovery serve as the parent company for two operating divisions, Global Linear Networks and Streaming & Studios. The announcement was taken as a preview of the separation of divisions that was announced Monday.
The split is expected to be completed by the middle of next year. It still needs final approval from the Warner Bros. Discovery board.
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