Warner Bros. Discovery, grappling with declines in its overall business, said Monday it planned to divide the company into two publicly-traded entities, one devoted to streaming and content production and one devoted to traditional television.
Warner Bros. Discovery CEO David Zaslav will remain as the leader of the streaming-focused entity, while Gunnar Widenfels, the company’s CFO who has become known for finding new ways to cut old costs, will lead the TV company.
“By operating as two distinct and optimized companies in the future, we are empowering these iconic brands with the sharper focus and strategic flexibility they need to compete most effectively in today’s evolving media landscape,” Zaslav said in a statement.
The company is emulating a strategy recently put into place by rival Comcast. That company is breaking up NBCUniversal, with plans to place the bulk of its cable networks in a new publicly-traded spinoff called Versant while keeping its broadcast and streaming assets under the better-known entity, NBC.
More to come….
From Variety US
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