CNN and HBO owner splits cable and streaming businesses

Warner Bros Discovery, owner of CNN and HBO Max, announces a split into two companies by mid-2023, separating its studio and streaming business from traditional cable TV networks. The move reflects the shifting media landscape with increasing streaming popularity and declining cable TV viewership. The new Streaming & Studios business will include hit shows like Succession and The White Lotus, while the Global Networks company will encompass brands like CNN and Discovery, led by respective executives. This restructuring aims to provide sharper focus and strategic flexibility to stay competitive in the evolving media industry.