Warner Bros. Discovery (WBD) announced it will split into two separate companies by mid-2024. One company will house Warner Bros.' studios and streaming services (HBO Max, DC), led by CEO David Zaslav. The other will encompass its TV networks (CNN, Discovery), headed by CFO Gunnar Wiedenfels, and assume most of the debt. This restructuring aims to enhance competitiveness in the evolving media landscape, mirroring similar moves by Comcast. The split follows a turbulent period for WBD, including financial struggles and leadership changes. The announcement boosted WBD's stock price by 11%.

Prepared by Christopher Adams and reviewed by editorial team.