Warner Bros. Discovery, the parent company of CNN and HBO Max, has announced plans to divide its operations into two separate entities by mid-2024. This strategic move aims to differentiate the studio and streaming segment from its traditional cable television networks. As the popularity of streaming services continues to surge globally, traditional cable TV has faced a steady decline in viewership.
The new organization responsible for streaming and studios will oversee successful HBO Max series such as ‘Succession,’ ‘The White Lotus,’ and ‘The Last of Us.’ This division will be led by David Zaslav, the company’s president and CEO. In contrast, the newly formed Global Networks will encompass brands like CNN, Discovery, and TNT Sports, under the leadership of Gunnar Wiedenfels, the chief financial officer of Warner Bros. Discovery.
David Zaslav emphasized the importance of this split, stating, ‘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.’ This restructuring follows the significant merger that established Warner Bros. Discovery in 2022.