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Warner Bros. Discovery President and CEO David Zaslav arrives at the world premiere of “The Flash” at Ovation Hollywood in Hollywood, California on June 12, 2023.
Michael Tran | Afp | Getty Images
Warner Bros. Discovery on Thursday announced a restructuring plan to segment its business into linear and streaming units, a move that could facilitate future consolidation.
Shares of WBD rose roughly 15% in early trading Thursday.
The company’s new linear networks division will include news, sports, scripted and unscripted programming networks such as CNN, TBS, TNT, HGTV and the Food Network. A streaming and studios unit will include WBD’s film studios and Max streaming platform.
The longtime HBO television hub will be folded under the streaming unit, according to a person familiar with the matter.
The update comes a few weeks later Comcast announced that he would spin its cable networksincluding CNBC, MSBNC, E!, Syfy, Golf Channel, USA and Oxygen.
“While our Global Linear Networks business is well positioned to continue to drive free cash flow, our Streaming & Studios business drives growth by telling the world’s most compelling stories,” WBD CEO David Zaslav. he said in a statement.
Warner Bros Discovery expects to complete the restructuring by the middle of next year.
Disclosure: Comcast is the parent company of CNBC.
— CNBC’s Alex Sherman contributed to this report.
