Warner Bros. Discovery Inc. is changing its corporate structure and creating separate divisions for its cable and streaming businesses.
The media company, which is the parent of CNN and HBO, announced Thursday that it is creating a Global Linear Networks division housing its cable brands in news, sports, scripted and unscripted programming. The new Streaming & Studios unit will include the company’s streaming assets and film and entertainment studios. Warner Bros. currently has the Max streaming platform, which has original content, films and shows from networks like HBO.
“Our new larger corporate design aligns our organization and complements our flexibility with potential long-lasting strategic opportunities in an evolving media landscape, and we are helping to build on our momentum and create opportunities as we compare all avenues to deliver meaningful shareholder value. “David Zaslav said in a statement.
Other corporations have tried to separate their long-suffering cable networks from their developing streaming businesses. Comcast Corp. ‘s NBCUniversal operates most of its cable channels, while keeping its NBC streaming network and streaming platform Peacock under the parent company. Warner Bros. has also turned its assets in the same way.
The company aims to implement the new corporate structure by mid-2025.