Warner Bros Discovery said Monday it would split into two companies, separating its studios and streaming business from its fading cable television networks as the parent of HBO and CNN looks to compete better in the streaming era.
Its CEO David Zaslav will lead the streaming and studios business after the breakup, while CFO Gunnar Wiedenfels will head the Global Networks unit that includes the cable assets.
A new publicly traded company, Global Networks will be home to CNN, TNT, TBS and Warner's dozens of other cable channels, including Discovery Channel and Food Network.