Warner Bros. Discovery, the parent company of CNN and HBO Max, will split into two separate companies by mid-2025 as it continues to shift its focus toward streaming services. The media giant announced that it would divide its operations into two new entities: Global Networks and Streaming & Studios. This move is part of a broader effort to streamline its business and better compete with rival streaming services like Netflix.
Leadership Structure
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Global Networks will be led by Gunnar Wiedenfels, the company’s chief financial officer. This entity will comprise Warner Bros. Discovery’s traditional cable television networks, including CNN, Discovery, and TNT Sports.
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Streaming & Studios will be headed by David Zaslav, the CEO of Warner Bros. Discovery since 2022. This new entity will house HBO Max’s hit shows such as Succession and The White Lotus, as well as the company’s film division.
Market Reaction
Shares in Warner Bros. Discovery fell nearly 3% following the announcement of the split, despite a strong quarterly earnings report earlier this month that showed growth across many areas, including advertising revenue at both CNN and HBO Max.
Challenges and Competition
HBO Max has seen success with popular shows like The Last of Us, while CNN has been experiencing declining viewership numbers amid increased competition from other news outlets, such as Fox News Channel. This decline is largely attributed to former President Donald Trump’s popularity among conservative voters, who are increasingly turning away from mainstream news sources due to perceived bias.
CNN’s ratings have also been impacted by changes within its leadership structure, particularly following Chris Licht’s departure last year after just six months amid controversy over his handling of high-profile stories.
Future Outlook
Concerns remain about how well these two separate companies can compete against larger rivals such as Disney+ (owned by Disney Inc.), Amazon.com Inc.’s Prime Video service, and Netflix Inc. During an interview with CNBC, David Zaslav expressed optimism about his team’s ability to compete but acknowledged that many challenges lie ahead.
Overall, while this restructuring may seem daunting for some investors, others see potential opportunities if executed properly. Only time will tell whether this gamble pays off in the long term.
Summary of Key Points
- Warner Bros. Discovery plans to spin off into two separate companies: Global Networks and Streaming & Studios by mid-2025.
- Global Networks will include traditional cable TV networks like CNN.
- Streaming & Studios will house HBO Max content along with the film division.
- Shares fell nearly 3% after the announcement, despite a strong quarterly earnings report.
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