Warner Bros Discovery splits streaming from cable TV in latest media shakeup

LOS ANGELES: Warner Bros Discovery said it would split into two publicly traded companies, separating its studios and streaming business from its fading cable television networks as the parent of HBO and CNN looks to compete better in the streaming era.

The breakup is the latest unraveling of decades of media consolidation that created global conglomerates spanning content creation, distribution and in some cases, telecommunications. It unwinds WarnerMedia and Discovery’s 2022 merger, aiming to grow the streaming and studios business without the drag of the declining networks unit.