Warner Bros Discovery President and CEO David Zaslav arrives for 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, it announced a restructuring plan to split its business into linear and streaming units in a move that could simplify future consolidation.
Warner Bros. shares rose. Discovery rose nearly 15% in early trading Thursday.
The company's new global linear networks division will include news, sports, scripted and non-scripted programming networks such as CNN, TBS, TNT, HGTV and Food Network. The broadcast and studio unit will include Warner Bros. Film Studios. Discovery and streaming platform Max.
Longtime TV powerhouse HBO will be placed under the streaming unit, according to a person familiar with the matter.
The update comes weeks later Comcast announced that it will expand its cable networks, including CNBC, MSNBC, E!, Syfy, Golf Channel, USA, and Oxygen.
Warner Bros. CEO David Zaslav said: Discovery: “We continue to prioritize ensuring our global linear networks business is well positioned to continue driving free cash flow, while our broadcast and studios businesses are focused on driving growth by telling the world's most compelling stories.” statement.
Warner Bros. expects Discovery plans to complete the restructuring process by the middle of next year.
Disclosure: Comcast is the parent company of CNBC.
— CNBC's Alex Sherman contributed to this report.
