Warner Bros. divides cable assets from streaming businesses

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 corporate structure better aligns our organization and enhances our flexibility with potential future strategic opportunities across an evolving media landscape, help us build on our momentum and create opportunities as we evaluate all avenues to deliver significant shareholder value,” Chief Executive Officer David Zaslav said in a statement.

Other companies have sought to divide their struggling cable networks from their growing streaming businesses. Comcast Corp.’s NBCUniversal is spinning off the bulk of its cable channels, while keeping its NBC broadcast network and its Peacock streaming platform under the parent company. Warner Bros. has also previously considered spinning off its assets in a similar fashion.

The company aims to implement the new corporate structure by mid-2025.