HBO and CNN owner Warner Bros Discovery to split in two
Summary
Warner Bros Discovery, which owns CNN and HBO Max, will split into two separate companies by mid-next year. One company will focus on streaming and studios, while the other will manage traditional cable networks like CNN.Key Facts
- Warner Bros Discovery will split into two companies by mid-2024.
- One company will handle streaming services and studios, including HBO Max.
- The streaming and studios company will include hit shows like Succession and The White Lotus.
- The new cable networks company will include CNN, Discovery, and TNT Sports.
- The decision aims to address the growing popularity of streaming and the decline in cable TV viewers.
- Shares of Warner Bros Discovery fell nearly 3% after the announcement.
- The split follows a merger in 2022 that created Warner Bros Discovery.
- A similar strategy is being used by Comcast, which is separating its NBCUniversal cable division from other services.
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