Warner Bros. Discovery will separate cable operations from its streaming service, creating two independent companies amid sustained upheaval in the entertainment industry, according to the Associated Press.
HBO and HBO Max, as well as Warner Bros. Television, Warner Bros. Motion Picture Group and DC Studios, will become part of the streaming and studios company, Warner Bros. said Monday.
The cable company will include CNN, TNT Sports in the U.S., Discovery, top free-to-air channels across Europe and digital products such as the Discovery+ streaming service and Bleacher Report.
Warner Bros. Discovery CEO David Zaslav will serve as CEO of the company that for right now is called Streaming & Studios. Gunnar Wiedenfels, chief financial officer of Warner Bros. Discovery, will be CEO of the cable-focused entity, for now known as Global Networks.
The Warner Bros. Discovery split is expected to be completed by the middle of next year. It still needs final approval from the Warner Bros. Discovery board.
