Investors cheered the news that Warner Bros. Discovery planned to separate its cable channels, except for HBO, into a separate unit.
Warner Bros. Discovery announced a major restructuring Thursday, a preliminary step that could lead to the breakup of the battered media company. Investors cheered the news that the company was separating its linear networks — including CNN, TBS, Food Network, Cartoon Network and HGTV — into a distinct unit within the company. The move comes after Warner Bros. Discovery took a $9-billion write-down in August to reflect the diminishing value of its basic cable channels.
However, in a statement, the company acknowledged that the structure was designed for the company to be more flexible 'to pursue further value creation opportunities for both divisions in an evolving media landscape.' Both divisions will report up to David Zaslav, the company's chief executive since his smaller Discovery programming firm combined with WarnerMedia in 2022.
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