Warner Bros. Discovery (WBD), formed three years ago through a $43 billion merger, is splitting into two. The streaming and studios division, including HBO, will compete with tech giants like Netflix. The legacy networks (CNN, Discovery), burdened with $37 billion in debt, face decline. The split, seen as a win for CEO David Zaslav despite shareholder dissatisfaction, reflects the cable industry's struggles with streaming services. Analysts view it as a significant step in cable's disintegration and predict further industry reshuffling, with potential acquisitions by tech companies.

Prepared by Christopher Adams and reviewed by editorial team.